SBA Communications (NASDAQ:SBAC) Earns Hold Rating from Analysts at Truist Financial
by Michael Walen · The Markets Daily
Truist Financial began coverage on shares of SBA Communications (NASDAQ:SBAC – Free Report) in a research report released on Tuesday morning, MarketBeat reports. The firm issued a hold rating and a $193.00 target price on the technology company’s stock.
SBAC has been the topic of several other research reports. Sanford C. Bernstein started coverage on shares of SBA Communications in a report on Thursday, March 5th. They set a “market perform” rating and a $218.00 target price on the stock. Morgan Stanley lowered their price target on shares of SBA Communications from $225.00 to $215.00 and set an “equal weight” rating for the company in a research note on Monday, March 2nd. JPMorgan Chase & Co. reduced their price objective on SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a research note on Monday, January 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of SBA Communications in a report on Friday, January 9th. Finally, Wells Fargo & Company lowered their target price on SBA Communications from $205.00 to $195.00 and set an “equal weight” rating for the company in a research note on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $230.11.
Get Our Latest Stock Analysis on SBAC
SBA Communications Price Performance
NASDAQ:SBAC opened at $204.04 on Tuesday. The company has a market capitalization of $21.59 billion, a price-to-earnings ratio of 21.41, a PEG ratio of 1.70 and a beta of 0.88. The business has a 50 day moving average of $187.70 and a 200 day moving average of $191.06. SBA Communications has a 1-year low of $162.41 and a 1-year high of $245.16.
SBA Communications (NASDAQ:SBAC – Get Free Report) last issued its quarterly earnings results on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, beating analysts’ consensus estimates of $3.25 by $0.22. The business had revenue of $719.58 million for the quarter, compared to analysts’ expectations of $725.80 million. SBA Communications had a net margin of 36.40% and a negative return on equity of 20.81%. The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period last year, the business earned $3.47 earnings per share. As a group, sell-side analysts anticipate that SBA Communications will post 12.57 EPS for the current year.
SBA Communications Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, March 13th. This is an increase from SBA Communications’s previous quarterly dividend of $1.11. SBA Communications’s dividend payout ratio is currently 52.47%.
Hedge Funds Weigh In On SBA Communications
Hedge funds have recently modified their holdings of the company. Dodge & Cox raised its stake in shares of SBA Communications by 24.1% during the fourth quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock valued at $2,320,412,000 after acquiring an additional 2,328,837 shares during the last quarter. Norges Bank bought a new stake in shares of SBA Communications in the fourth quarter worth about $302,774,000. Arrowstreet Capital Limited Partnership increased its holdings in SBA Communications by 256.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,092,612 shares of the technology company’s stock valued at $211,344,000 after purchasing an additional 785,850 shares during the period. Millennium Management LLC increased its holdings in SBA Communications by 171.8% during the 4th quarter. Millennium Management LLC now owns 811,543 shares of the technology company’s stock valued at $156,977,000 after purchasing an additional 513,002 shares during the period. Finally, Daiwa Securities Group Inc. raised its position in SBA Communications by 1,328.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 522,215 shares of the technology company’s stock valued at $122,637,000 after purchasing an additional 485,656 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.
About SBA Communications
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.