SBA Communications (NASDAQ:SBAC) Stock Gets Price Target Cut from Citigroup

SBA Communications (NASDAQ:SBAC) had its price objective lowered by Citigroup from $235.00 to $225.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

Several other brokerages have also recently weighed in on SBAC. Royal Bank Of Canada dropped their price objective on SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a report on Friday, July 10th. Sanford C. Bernstein reduced their target price on shares of SBA Communications from $219.00 to $208.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 20th. Morgan Stanley reduced their target price on shares of SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a research note on Monday, September 21st. Barclays lowered their price target on shares of SBA Communications from $208.00 to $207.00 and set an “overweight” rating for the company in a research report on Wednesday, September 30th. Finally, Wolfe Research raised shares of SBA Communications from a “hold” rating to an “outperform” rating in a research note on Tuesday, August 4th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $224.64.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $193.08 on Tuesday. The firm has a 50 day simple moving average of $179.75 and a 200 day simple moving average of $189.98. SBA Communications has a fifty-two week low of $156.60 and a fifty-two week high of $224.46. The firm has a market cap of $20.48 billion, a P/E ratio of 15.74, a P/E/G ratio of 1.96 and a beta of 0.97.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, November 2nd. The technology company reported $2.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.10. The firm had revenue of $713.92 million for the quarter, compared to the consensus estimate of $724.07 million. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.54%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.30 EPS. On average, sell-side analysts expect that SBA Communications will post 11.40 EPS for the current year.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Thursday, November 12th will be given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Thursday, November 12th. SBA Communications’s dividend payout ratio (DPR) is currently 53.88%.

Insiders Place Their Bets

In other SBA Communications news, Director George R. Krouse, Jr. sold 300 shares of the business’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 directly owned 8,512 shares of the company’s stock, valued at approximately $1,554,887.04. The trade was a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

Several institutional investors have recently added to or reduced their stakes in SBAC. Raiffeisen Bank International AG increased its holdings in SBA Communications by 184.8% during the 2nd quarter. Raiffeisen Bank International AG now owns 188 shares of the technology company’s stock worth $34,000 after purchasing an additional 122 shares in the last quarter. CX Institutional lifted its holdings in shares of SBA Communications by 44.2% in the second quarter. CX Institutional now owns 212 shares of the technology company’s stock valued at $37,000 after purchasing an additional 65 shares in the last quarter. Provenance Wealth Advisors LLC bought a new stake in shares of SBA Communications in the third quarter valued at about $36,000. Eastern Bank bought a new stake in shares of SBA Communications in the second quarter valued at about $44,000. Finally, Root Financial Partners LLC acquired a new stake in shares of SBA Communications in the third quarter valued at approximately $48,000. 97.35% of the stock is owned by institutional investors.

About SBA Communications

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.