SBA Communications (NASDAQ:SBAC) Price Target Cut to $255.00 by Analysts at Barclays

SBA Communications (NASDAQ:SBAC) had its target price cut by Barclays from $260.00 to $255.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Other analysts have also recently issued reports about the stock. 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 research note on Thursday, March 7th. BMO Capital Markets dropped their price target on shares of SBA Communications from $285.00 to $265.00 and set an outperform rating on the stock in a research note on Tuesday, February 27th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $268.00.

SBA Communications Trading Up 0.1 %

Shares of SBAC stock opened at $196.06 on Wednesday. The stock has a market capitalization of $21.20 billion, a P/E ratio of 42.53, a PEG ratio of 1.21 and a beta of 0.56. The firm’s 50 day moving average is $211.29 and its 200 day moving average is $222.30. SBA Communications has a 12 month low of $185.23 and a 12 month high of $264.06.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, February 26th. The technology company reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.36). The business had revenue of $675.00 million for the quarter, compared to analysts’ expectations of $682.11 million. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.11 earnings per share. On average, equities analysts predict that SBA Communications will post 12.61 EPS for the current year.

SBA Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Wednesday, March 13th. This is a positive change from SBA Communications’s previous quarterly dividend of $0.85. SBA Communications’s dividend payout ratio is 85.03%.

Insider Buying and Selling

In other news, Director Mary S. Chan sold 1,977 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the transaction, the director now owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SBA Communications

A number of institutional investors have recently made changes to their positions in SBAC. Invesco Ltd. increased its holdings in shares of SBA Communications by 140.6% in the 3rd quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock worth $429,140,000 after buying an additional 1,252,764 shares during the last quarter. Norges Bank bought a new position in shares of SBA Communications in the 4th quarter worth $286,079,000. Ameriprise Financial Inc. increased its holdings in shares of SBA Communications by 115.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock worth $271,838,000 after buying an additional 727,163 shares during the last quarter. Millennium Management LLC increased its holdings in shares of SBA Communications by 294.4% in the 4th quarter. Millennium Management LLC now owns 797,089 shares of the technology company’s stock worth $223,432,000 after buying an additional 594,994 shares during the last quarter. Finally, Bristol John W & Co. Inc. NY bought a new position in shares of SBA Communications in the 3rd quarter worth $92,725,000. Institutional investors own 97.35% of the company’s stock.

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.