SBA Communications (NASDAQ:SBAC) Announces Quarterly Earnings Results

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

SBA Communications Price Performance

Shares of SBAC opened at $201.89 on Tuesday. The company has a market capitalization of $21.83 billion, a price-to-earnings ratio of 43.79, a P/E/G ratio of 1.21 and a beta of 0.56. The business’s 50-day moving average is $209.91 and its 200-day moving average is $222.86. SBA Communications has a fifty-two week low of $185.23 and a fifty-two week high of $263.08.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd will be paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.94%. SBA Communications’s dividend payout ratio (DPR) is presently 85.03%.

Insider Activity at SBA Communications

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 4,622 shares in the company, valued at approximately $1,007,549.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Barclays cut their price objective on SBA Communications from $260.00 to $255.00 and set an “overweight” rating for the company in a research report on Wednesday, April 17th. Bank of America raised SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price on the stock in a research report on Thursday, March 7th. Finally, BMO Capital Markets decreased their price target on SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average 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.