KeyCorp Lowers SBA Communications (NASDAQ:SBAC) Price Target to $227.00

SBA Communications (NASDAQ:SBAC) had its price objective lowered by KeyCorp from $276.00 to $227.00 in a research note published on Tuesday, Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

SBAC has been the subject of a number of other reports. Barclays cut their price target on SBA Communications from $260.00 to $255.00 and set an overweight rating for the company in a report on Wednesday, April 17th. BMO Capital Markets cut their price target on SBA Communications from $285.00 to $265.00 and set an outperform rating for the company in a report on Tuesday, February 27th. Finally, Bank of America raised SBA Communications from a neutral rating to a buy rating and set a $260.00 price target for the company in a report on Thursday, March 7th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, SBA Communications has a consensus rating of Buy and an average price target of $258.23.

SBA Communications Trading Down 0.4 %

Shares of NASDAQ SBAC opened at $193.09 on Tuesday. The stock has a fifty day simple moving average of $208.78 and a two-hundred day simple moving average of $222.32. SBA Communications has a 1-year low of $183.64 and a 1-year high of $258.76. The firm has a market cap of $20.87 billion, a price-to-earnings ratio of 37.86, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.21. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The business had revenue of $657.86 million during the quarter, compared to analyst estimates of $671.08 million. During the same period in the prior year, the company earned $3.13 earnings per share. SBA Communications’s revenue was down 2.6% compared to the same quarter last year. Analysts forecast that SBA Communications will post 12.61 EPS for the current year.

SBA Communications Announces Dividend

The company 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. The ex-dividend date of this dividend is Wednesday, May 22nd. This represents a $3.92 dividend on an annualized basis and a yield of 2.03%. SBA Communications’s payout ratio is 76.86%.

Insider Buying and Selling at SBA Communications

In other news, Director Mary S. Chan sold 1,977 shares of SBA Communications 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 transaction, the director now owns 4,622 shares in the company, valued at $1,007,549.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SBAC. Principal Financial Group Inc. increased its holdings in SBA Communications by 54.9% during the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock valued at $931,844,000 after purchasing an additional 1,524,302 shares during the period. Invesco Ltd. raised its stake in SBA Communications by 140.6% during the 3rd quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock valued at $429,140,000 after buying an additional 1,252,764 shares during the last quarter. Norges Bank purchased a new stake in SBA Communications during the 4th quarter valued at $286,079,000. Ameriprise Financial Inc. raised its stake in SBA Communications by 115.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock valued at $271,838,000 after buying an additional 727,163 shares during the last quarter. Finally, Bristol John W & Co. Inc. NY purchased a new stake in SBA Communications during the 3rd quarter valued at $92,725,000. Hedge funds and other 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.