SBA Communications (NASDAQ:SBAC) Issues FY24 Earnings Guidance

SBA Communications (NASDAQ:SBAC) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $13.09-$13.46 for the period, compared to the consensus EPS estimate of $13.35. The company issued revenue guidance of $2.657-$2.697 billion, compared to the consensus revenue estimate of $2.69 billion. SBA Communications also updated its FY 2024 guidance to EPS.

Wall Street Analyst Weigh In

SBAC has been the subject of several research reports. Barclays lowered their price target on shares of SBA Communications from $260.00 to $255.00 and set an overweight rating for the company in a research report on Wednesday, April 17th. BMO Capital Markets lowered their target price on SBA Communications from $285.00 to $265.00 and set an outperform rating for the company in a report on Tuesday, February 27th. Finally, Bank of America upgraded SBA Communications from a neutral rating to a buy rating and set a $260.00 price target on the stock in a report on Thursday, March 7th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, SBA Communications has an average rating of Buy and an average target price of $268.00.

SBA Communications Stock Up 2.9 %

SBAC stock opened at $201.89 on Tuesday. SBA Communications has a 52 week low of $185.23 and a 52 week high of $263.08. The stock has a market capitalization of $21.83 billion, a PE ratio of 43.79, a price-to-earnings-growth ratio of 1.21 and a beta of 0.56. The firm has a 50 day moving average of $209.91 and a 200 day moving average of $222.86.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.21 by $0.21. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The business had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. During the same period in the previous year, the firm posted $3.13 earnings per share. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, equities research analysts expect that SBA Communications will post 12.61 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd will be paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.94%. SBA Communications’s payout ratio is 85.03%.

Insider Activity

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total transaction of $430,966.23. Following the sale, the director now directly owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.30% of the company’s stock.

About SBA Communications

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.