SBA Communications (NASDAQ:SBAC) Stock Gets Price Target Trim from Truist Financial

SBA Communications (NASDAQ:SBAC) had its target price lowered by Truist Financial from $238.00 to $235.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

SBAC has been the subject of a number of other research reports. Wolfe Research raised SBA Communications from a “hold” rating to an “outperform” rating in a report on Tuesday, August 4th. Weiss Ratings upgraded SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 15th. Royal Bank Of Canada decreased their target price on SBA Communications from $245.00 to $210.00 and set an “outperform” rating on the stock in a research report on Friday, July 10th. Barclays lowered their target price on SBA Communications from $208.00 to $207.00 and set an “overweight” rating for the company in a research note on Wednesday, September 30th. Finally, Wells Fargo & Company set a $200.00 target price on shares of SBA Communications in a report on Tuesday. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $224.64.

SBA Communications Trading Down 1.9%

SBAC stock traded down $3.66 during mid-day trading on Wednesday, hitting $189.42. The stock had a trading volume of 1,134,926 shares, compared to its average volume of 1,233,434. The firm has a fifty day simple moving average of $179.80 and a 200 day simple moving average of $190.00. The firm has a market capitalization of $20.10 billion, a P/E ratio of 20.43, a P/E/G ratio of 1.85 and a beta of 0.97. SBA Communications has a 52 week low of $156.60 and a 52 week high of $224.46.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, November 2nd. The technology company reported $2.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.10. SBA Communications had a net margin of 34.54% and a negative return on equity of 20.76%. The business had revenue of $713.92 million for the quarter, compared to analysts’ expectations of $724.07 million. During the same period last year, the firm posted $3.30 earnings per share. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. As a group, equities analysts expect that SBA Communications will post 11.37 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Thursday, November 12th will be issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $5.00 annualized dividend and a dividend yield of 2.6%. SBA Communications’s dividend payout ratio (DPR) is 53.94%.

Insiders Place Their Bets

In other SBA Communications news, Director George R. Krouse, Jr. sold 300 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $182.67, for a total value of $54,801.00. Following the completion of the transaction, the director owned 8,512 shares of the company’s stock, valued at $1,554,887.04. This represents a 3.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.50% of the stock is owned by corporate insiders.

Institutional Trading of SBA Communications

Hedge funds have recently made changes to their positions in the company. Raiffeisen Bank International AG increased its stake in shares of SBA Communications by 184.8% in the second quarter. Raiffeisen Bank International AG now owns 188 shares of the technology company’s stock valued at $34,000 after buying an additional 122 shares during the period. Provenance Wealth Advisors LLC acquired a new stake in SBA Communications during the 3rd quarter worth approximately $36,000. CX Institutional boosted its position in SBA Communications by 44.2% during the 2nd quarter. CX Institutional now owns 212 shares of the technology company’s stock worth $37,000 after buying an additional 65 shares during the period. Eastern Bank bought a new stake in SBA Communications during the 2nd quarter worth approximately $44,000. Finally, Root Financial Partners LLC bought a new stake in SBA Communications during the 3rd quarter worth approximately $48,000. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Company Profile

SBA Communications Corporation is a real estate investment trust that owns and operates wireless communications infrastructure. The company’s portfolio primarily consists of wireless communications towers and related sites that support cellular, wireless broadband, and other communications equipment.

SBA Communications leases antenna space on its towers to wireless service providers, government agencies, and other communications companies. It also provides site development services, including zoning, permitting, construction, and project management, as well as tower construction and acquisition services in selected markets.

Founded in 1989 and headquartered in Boca Raton, Florida, SBA Communications serves customers across the United States and in parts of Central and South America.