SBA Communications (NASDAQ:SBAC) Lifted to “Buy” at StockNews.com

23 Sep 2024, 07:19 by Tristan Rich · The Markets Daily

StockNews.com upgraded shares of SBA Communications (NASDAQ:SBAC – Free Report) from a hold rating to a buy rating in a report issued on Friday.

Several other analysts have also recently issued reports on SBAC. Royal Bank of Canada upped their target price on SBA Communications from $235.00 to $245.00 and gave the company an outperform rating in a report on Monday, August 5th. Wells Fargo & Company cut SBA Communications from an overweight rating to an equal weight rating and dropped their target price for the company from $230.00 to $220.00 in a report on Monday, July 15th. Barclays lowered their price target on SBA Communications from $240.00 to $236.00 and set an overweight rating for the company in a report on Tuesday, July 30th. KeyCorp increased their price target on SBA Communications from $227.00 to $230.00 and gave the stock an overweight rating in a report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on SBA Communications from $230.00 to $240.00 and gave the stock a buy rating in a report on Wednesday, August 14th. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $240.00.

Check Out Our Latest Stock Analysis on SBA Communications

SBA Communications Stock Performance

Shares of SBAC opened at $239.47 on Friday. SBA Communications has a one year low of $183.64 and a one year high of $258.76. The stock has a market capitalization of $25.73 billion, a price-to-earnings ratio of 46.95, a PEG ratio of 0.75 and a beta of 0.67. The stock has a 50 day moving average price of $224.12 and a 200 day moving average price of $209.19.

SBA Communications (NASDAQ:SBAC – Get Free Report) last issued its earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.07 by ($0.56). The company had revenue of $660.50 million during the quarter, compared to analysts’ expectations of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.24 earnings per share. On average, analysts predict that SBA Communications will post 12.53 earnings per share for the current year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd were paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend was Thursday, August 22nd. SBA Communications’s payout ratio is 76.86%.

Insider Buying and Selling

In related news, EVP Donald Day sold 1,500 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other SBA Communications news, EVP Donald Day sold 1,500 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the sale, the chairman now directly owns 109,583 shares in the company, valued at approximately $24,328,521.83. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,590 shares of company stock valued at $11,483,981. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

A number of hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its position in shares of SBA Communications by 54.9% during the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after acquiring an additional 1,524,302 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of SBA Communications during the 2nd quarter worth about $134,738,000. Long Pond Capital LP acquired a new stake in shares of SBA Communications during the 2nd quarter worth about $83,687,000. The Manufacturers Life Insurance Company raised its position in shares of SBA Communications by 111.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 734,795 shares of the technology company’s stock worth $186,410,000 after acquiring an additional 387,855 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of SBA Communications by 500.0% during the 2nd quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock worth $72,375,000 after acquiring an additional 307,530 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

About SBA Communications

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