SBA Communications (NASDAQ:SBAC) Price Target Cut to $253.00 by Analysts at TD Cowen

SBA Communications (NASDAQ:SBAC) had its price target trimmed by TD Cowen from $266.00 to $253.00 in a research note released on Tuesday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other equities research analysts have also recently issued reports about the company. Bank of America raised SBA Communications from a neutral rating to a buy rating and set a $260.00 price objective on the stock in a research report on Thursday, March 7th. BMO Capital Markets decreased their price objective on shares of SBA Communications from $285.00 to $265.00 and set an outperform rating for the company in a report on Tuesday, February 27th. Barclays lowered their price objective on shares of SBA Communications from $255.00 to $241.00 and set an overweight rating on the stock in a research report on Tuesday. Finally, KeyCorp cut their target price on shares of SBA Communications from $276.00 to $227.00 and set an overweight rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Buy and an average target price of $258.23.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $193.09 on Tuesday. The firm has a market cap of $20.87 billion, a P/E ratio of 37.86, a P/E/G ratio of 1.20 and a beta of 0.59. SBA Communications has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The firm has a 50-day simple moving average of $208.78 and a two-hundred day simple moving average of $222.32.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.21. The company had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the firm earned $3.13 earnings per share. On average, equities research analysts predict that SBA Communications will post 12.56 EPS for the current year.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd will be paid a $0.98 dividend. The ex-dividend date of this dividend is Wednesday, May 22nd. This represents a $3.92 annualized dividend and a dividend yield of 2.03%. SBA Communications’s dividend payout ratio (DPR) is 76.86%.

Insider Activity at SBA Communications

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the sale, the director now owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.30% of the stock is owned by company insiders.

Institutional Trading of SBA Communications

Several institutional investors and hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. increased its stake in SBA Communications by 54.9% in the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after buying an additional 1,524,302 shares in the last quarter. Invesco Ltd. grew its position in shares of SBA Communications by 140.6% during the third quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock worth $429,140,000 after purchasing an additional 1,252,764 shares in the last quarter. Norges Bank bought a new stake in SBA Communications during the 4th quarter valued at approximately $286,079,000. Ameriprise Financial Inc. lifted its holdings in SBA Communications by 115.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock worth $271,838,000 after purchasing an additional 727,163 shares in the last quarter. Finally, Bristol John W & Co. Inc. NY bought a new position in SBA Communications in the 3rd quarter worth approximately $92,725,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Company Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.