SBA Communications (NASDAQ:SBAC) Sees Strong Trading Volume – Here’s What Happened

SBA Communications Corporation (NASDAQ:SBAC) shares saw strong trading volume on Monday . 692,127 shares traded hands during mid-day trading, a decline of 32% from the previous session’s volume of 1,018,701 shares.The stock last traded at $211.61 and had previously closed at $204.04.

Analysts Set New Price Targets

A number of analysts recently weighed in on SBAC shares. Morgan Stanley cut their target price on shares of SBA Communications from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Monday, March 2nd. Truist Financial began coverage on shares of SBA Communications in a research report on Tuesday, March 31st. They issued a “hold” rating and a $193.00 price objective on the stock. Scotiabank cut their price target on SBA Communications from $233.00 to $223.00 and set a “sector perform” rating on the stock in a research note on Monday, March 2nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of SBA Communications in a report on Friday, January 9th. Finally, JPMorgan Chase & Co. lowered their price objective on SBA Communications from $245.00 to $240.00 and set a “neutral” rating for the company in a research report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $230.11.

SBA Communications Trading Up 4.3%

The stock has a market cap of $22.52 billion, a price-to-earnings ratio of 22.38, a PEG ratio of 2.02 and a beta of 0.88. The stock’s 50 day moving average is $188.04 and its two-hundred day moving average is $190.99.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, beating analysts’ consensus estimates of $3.25 by $0.22. SBA Communications had a net margin of 36.40% and a negative return on equity of 20.81%. The company had revenue of $719.58 million for the quarter, compared to analyst estimates of $725.80 million. During the same period in the previous year, the business posted $3.47 earnings per share. SBA Communications’s quarterly revenue was up 3.7% on a year-over-year basis. On average, sell-side analysts predict that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were paid a $1.25 dividend. This is an increase from SBA Communications’s previous quarterly dividend of $1.11. The ex-dividend date was Friday, March 13th. This represents a $5.00 annualized dividend and a dividend yield of 2.3%. SBA Communications’s dividend payout ratio (DPR) is 52.47%.

Institutional Investors Weigh In On SBA Communications

Several large investors have recently modified their holdings of the stock. Elevation Wealth Partners LLC increased its stake in SBA Communications by 523.8% in the 4th quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock valued at $25,000 after buying an additional 110 shares during the period. Quent Capital LLC acquired a new position in shares of SBA Communications during the third quarter worth about $27,000. DV Equities LLC purchased a new position in SBA Communications during the fourth quarter worth about $29,000. Fulcrum Asset Management LLP acquired a new stake in SBA Communications in the third quarter valued at about $32,000. Finally, Geneos Wealth Management Inc. lifted its position in SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after purchasing an additional 84 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Company Profile

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.