Q2 2023 Earnings Forecast for SBA Communications Co. Issued By KeyCorp (NASDAQ:SBAC)

SBA Communications Co. (NASDAQ:SBAC – Get Rating) – Analysts at KeyCorp increased their Q2 2023 earnings estimates for SBA Communications in a research note issued on Thursday, March 2nd. KeyCorp analyst B. Nispel now anticipates that the technology company will post earnings per share of $2.95 for the quarter, up from their prior forecast of $2.91. KeyCorp has a “Overweight” rating and a $297.00 price objective on the stock. The consensus estimate for SBA Communications’ current full-year earnings is $11.73 per share. KeyCorp also issued estimates for SBA Communications’ Q1 2024 earnings at $3.16 EPS, Q3 2024 earnings at $3.13 EPS and Q4 2024 earnings at $3.23 EPS.

SBA Communications (NASDAQ:SBAC – Get Rating) last announced its earnings results on Tuesday, February 21st. The technology company reported $0.94 EPS for the quarter, missing the consensus estimate of $2.88 by ($1.94). The business had revenue of $686.10 million for the quarter, compared to the consensus estimate of $681.40 million. SBA Communications had a negative return on equity of 8.58% and a net margin of 17.52%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.81 earnings per share.

A number of other equities research analysts also recently weighed in on SBAC. Royal Bank of Canada reduced their price target on shares of SBA Communications from $330.00 to $320.00 and set an “outperform” rating on the stock in a research note on Monday, February 27th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of SBA Communications from $325.00 to $320.00 in a report on Thursday, February 23rd. Credit Suisse Group lowered their price target on shares of SBA Communications from $346.00 to $330.00 and set an “outperform” rating for the company in a report on Wednesday, February 22nd. StockNews.com lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a report on Friday, February 24th. Finally, Truist Financial lowered their price target on shares of SBA Communications from $400.00 to $350.00 and set a “buy” rating for the company in a report on Friday, January 13th. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, SBA Communications has a consensus rating of “Moderate Buy” and a consensus target price of $335.40.

SBA Communications Stock Up 1.2 %

Shares of SBA Communications stock opened at $260.35 on Monday. The company has a market capitalization of $28.11 billion, a price-to-earnings ratio of 61.84 and a beta of 0.49. SBA Communications has a 12-month low of $236.20 and a 12-month high of $379.99. The firm’s 50-day moving average price is $285.90 and its two-hundred day moving average price is $289.68.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Stockholders of record on Friday, March 10th will be paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date is Thursday, March 9th. This is a positive change from SBA Communications’s previous quarterly dividend of $0.71. SBA Communications’s dividend payout ratio is 67.46%.

Hedge Funds Weigh In On SBA Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in SBAC. Quadrant Capital Group LLC boosted its holdings in SBA Communications by 3.3% in the second quarter. Quadrant Capital Group LLC now owns 1,056 shares of the technology company’s stock worth $338,000 after acquiring an additional 34 shares in the last quarter. Clearstead Advisors LLC lifted its holdings in SBA Communications by 4.2% in the second quarter. Clearstead Advisors LLC now owns 852 shares of the technology company’s stock valued at $273,000 after acquiring an additional 34 shares during the period. Cornercap Investment Counsel Inc. lifted its holdings in SBA Communications by 1.1% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 3,164 shares of the technology company’s stock valued at $887,000 after acquiring an additional 35 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in SBA Communications by 71.7% in the third quarter. EverSource Wealth Advisors LLC now owns 91 shares of the technology company’s stock valued at $26,000 after acquiring an additional 38 shares during the period. Finally, Kentucky Retirement Systems lifted its holdings in SBA Communications by 0.5% in the fourth quarter. Kentucky Retirement Systems now owns 8,482 shares of the technology company’s stock valued at $2,378,000 after acquiring an additional 38 shares during the period. Institutional investors own 93.54% of the company’s stock.

About SBA Communications

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SBA Communications Corp. is a real estate investment trust, which engages in the provision of wireless communications infrastructures. It operates through the following business segments: Domestic Site Leasing, International Site Leasing, and Site Development. The Domestic Site Leasing segment includes AT&T, Sprint, T-Mobile, and Verizon Wireless.