SBA Communications Co. (NASDAQ:SBAC) Forecasted to Post Q2 2023 Earnings of $2.92 Per Share

SBA Communications Co. (NASDAQ:SBAC – Get Rating) – Equities research analysts at Zacks Research issued their Q2 2023 earnings per share estimates for SBA Communications in a research note issued to investors on Monday, May 15th. Zacks Research analyst N. Dass forecasts that the technology company will earn $2.92 per share for the quarter. The consensus estimate for SBA Communications’ current full-year earnings is $11.75 per share. Zacks Research also issued estimates for SBA Communications’ Q3 2023 earnings at $2.91 EPS, Q4 2023 earnings at $2.97 EPS, FY2023 earnings at $11.68 EPS, Q1 2024 earnings at $3.04 EPS, Q2 2024 earnings at $3.06 EPS, Q3 2024 earnings at $3.06 EPS, Q4 2024 earnings at $3.07 EPS, FY2024 earnings at $12.25 EPS, Q1 2025 earnings at $3.16 EPS and FY2025 earnings at $12.87 EPS.

SBA Communications (NASDAQ:SBAC – Get Rating) last issued its earnings results on Monday, May 1st. The technology company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.28). SBA Communications had a negative return on equity of 7.01% and a net margin of 13.91%. The company had revenue of $675.52 million during the quarter, compared to analysts’ expectations of $672.47 million. During the same quarter in the previous year, the company earned $2.96 EPS. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year.

Other analysts also recently issued research reports about the company. Raymond James lowered their target price on SBA Communications from $334.00 to $330.00 in a research note on Tuesday, May 2nd. Morgan Stanley lowered their price target on SBA Communications from $329.00 to $308.00 in a research report on Tuesday, April 18th. Cowen lowered their price target on SBA Communications from $341.00 to $328.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 22nd. Royal Bank of Canada lowered their price target on SBA Communications from $320.00 to $290.00 in a research report on Monday, May 8th. Finally, Moffett Nathanson upgraded SBA Communications from a “market perform” rating to an “outperform” rating and lowered their price target for the stock from $330.00 to $312.00 in a research report on Thursday, March 30th. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $322.93.

SBA Communications Stock Up 0.1 %

Shares of SBAC opened at $234.91 on Thursday. SBA Communications has a 52 week low of $229.48 and a 52 week high of $356.59. The company has a market capitalization of $25.38 billion, a price-to-earnings ratio of 68.69 and a beta of 0.50. The stock’s 50-day moving average price is $251.34 and its 200-day moving average price is $273.38.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 21st. Investors of record on Friday, May 26th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Thursday, May 25th. This represents a $3.40 annualized dividend and a dividend yield of 1.45%. SBA Communications’s dividend payout ratio is presently 99.42%.

Institutional Investors Weigh In On SBA Communications

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in shares of SBA Communications by 15.9% in the first quarter. JPMorgan Chase & Co. now owns 2,537,428 shares of the technology company’s stock valued at $662,447,000 after purchasing an additional 348,105 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in SBA Communications by 16.2% during the first quarter. Rockefeller Capital Management L.P. now owns 3,836 shares of the technology company’s stock worth $1,001,000 after acquiring an additional 534 shares during the last quarter. Chevy Chase Trust Holdings LLC increased its stake in SBA Communications by 1.0% during the first quarter. Chevy Chase Trust Holdings LLC now owns 63,466 shares of the technology company’s stock worth $16,569,000 after acquiring an additional 645 shares during the last quarter. Sunbelt Securities Inc. acquired a new stake in SBA Communications during the first quarter worth $85,000. Finally, Thrivent Financial for Lutherans increased its stake in SBA Communications by 29.8% during the first quarter. Thrivent Financial for Lutherans now owns 345,498 shares of the technology company’s stock worth $90,199,000 after acquiring an additional 79,316 shares during the last quarter. Institutional investors and hedge funds own 93.54% of the company’s stock.

SBA Communications Company Profile

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SBA Communications Corp. is a real estate investment trust, which engages in the provision of wireless communications infrastructures. It operates through the following business segments: Domestic Site Leasing, International Site Leasing, and Site Development. The Domestic Site Leasing segment includes AT&T, Sprint, T-Mobile, and Verizon Wireless.