Scotiabank Cuts SBA Communications (NASDAQ:SBAC) Price Target to $223.00

SBA Communications (NASDAQ:SBAC) had its target price trimmed by Scotiabank from $233.00 to $223.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a sector perform rating on the technology company’s stock.

SBAC has been the topic of a number of other reports. JPMorgan Chase & Co. reduced their price objective on shares of SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a research report on Monday, January 12th. TD Cowen reaffirmed a “buy” rating on shares of SBA Communications in a research report on Tuesday, November 4th. Royal Bank Of Canada boosted their price target on shares of SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday. Williams Trading set a $237.00 price objective on shares of SBA Communications in a report on Tuesday, November 4th. Finally, BMO Capital Markets cut their price objective on SBA Communications from $215.00 to $210.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $233.00.

SBA Communications Price Performance

Shares of NASDAQ:SBAC opened at $196.43 on Monday. The stock’s 50-day moving average is $191.01 and its 200 day moving average is $194.67. The company has a market cap of $20.93 billion, a PE ratio of 20.61, a P/E/G ratio of 1.94 and a beta of 0.86. SBA Communications has a 1 year low of $177.49 and a 1 year high of $245.16.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 earnings per share for the quarter, topping analysts’ consensus estimates of $3.25 by $0.22. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The firm had revenue of $719.58 million for the quarter, compared to analyst estimates of $725.80 million. During the same period last year, the company earned $3.47 EPS. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. Analysts expect that SBA Communications will post 12.57 EPS for the current fiscal year.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a dividend of $1.25 per share. This is a boost from SBA Communications’s previous quarterly dividend of $1.11. The ex-dividend date of this dividend is Friday, March 13th. This represents a $5.00 dividend on an annualized basis and a yield of 2.5%. SBA Communications’s dividend payout ratio is 46.59%.

Hedge Funds Weigh In On SBA Communications

Several institutional investors and hedge funds have recently modified their holdings of the stock. Elevation Wealth Partners LLC grew its position in SBA Communications by 523.8% during the 4th quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock valued at $25,000 after purchasing an additional 110 shares during the last quarter. Quent Capital LLC bought a new position in SBA Communications in the 3rd quarter valued at approximately $27,000. DV Equities LLC bought a new stake in shares of SBA Communications in the 4th quarter worth $29,000. Fulcrum Asset Management LLP bought a new position in shares of SBA Communications during the third quarter valued at $32,000. Finally, Geneos Wealth Management Inc. increased its holdings in SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after buying an additional 84 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

About SBA Communications

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.