SBA Communications (NASDAQ:SBAC) Issues Earnings Results

SBA Communications (NASDAQ:SBAC) posted its quarterly earnings results on Monday. The technology company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.21, RTT News reports. SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The business had revenue of $657.86 million for the quarter, compared to the consensus estimate of $671.08 million. During the same quarter in the previous year, the business earned $3.13 EPS. The company’s quarterly revenue was down 2.6% compared to the same quarter last year. SBA Communications updated its FY24 guidance to $13.09-$13.46 EPS and its FY 2024 guidance to EPS.

SBA Communications Stock Up 2.9 %

NASDAQ:SBAC opened at $201.89 on Tuesday. The company has a market capitalization of $21.83 billion, a P/E ratio of 43.79, a P/E/G ratio of 1.21 and a beta of 0.56. The stock’s fifty day moving average is $209.91 and its two-hundred day moving average is $222.86. SBA Communications has a 52 week low of $185.23 and a 52 week high of $263.08.

SBA Communications Announces Dividend

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

Insider Buying and Selling at SBA Communications

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 value of $430,966.23. Following the sale, the director now owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

SBAC has been the topic of several research reports. Bank of America upgraded shares of 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. Barclays cut their price target on SBA Communications from $260.00 to $255.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 17th. Finally, BMO Capital Markets decreased their price objective on SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a report on Tuesday, February 27th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $268.00.

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.