SBA Communications (NASDAQ:SBAC) Releases FY24 Earnings Guidance

SBA Communications (NASDAQ:SBAC) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $13.09-$13.46 for the period, compared to the consensus estimate of $13.35. The company issued revenue guidance of $2.657-$2.697 billion, compared to the consensus revenue estimate of $2.69 billion. SBA Communications also updated its FY 2024 guidance to EPS.

SBA Communications Trading Up 2.9 %

SBAC opened at $201.89 on Tuesday. The stock 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. SBA Communications has a 12 month low of $185.23 and a 12 month high of $263.08. The firm’s fifty day simple moving average is $209.91 and its 200 day simple moving average is $222.86.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.21 by $0.21. The firm had revenue of $657.86 million for the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The business’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.13 EPS. On average, equities research analysts predict that SBA Communications will post 12.61 EPS for the current fiscal year.

SBA Communications Announces Dividend

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

Analysts Set New Price Targets

SBAC has been the topic of a number of research analyst reports. Barclays dropped their target price on shares of SBA Communications from $260.00 to $255.00 and set an overweight rating on the stock in a report on Wednesday, April 17th. Bank of America upgraded shares of SBA Communications from a neutral rating to a buy rating and set a $260.00 target price for the company in a research note on Thursday, March 7th. Finally, BMO Capital Markets decreased their price objective on SBA Communications from $285.00 to $265.00 and set an outperform rating on the stock in a report on Tuesday, February 27th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, SBA Communications currently has an average rating of Buy and an average price target of $268.00.

Insider Activity at SBA Communications

In other news, Director Mary S. Chan sold 1,977 shares of SBA Communications stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total transaction of $430,966.23. Following the transaction, the director now owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.30% of the stock is owned by company insiders.

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.