SBA Communications (NASDAQ:SBAC) Price Target Cut to $260.00 by Analysts at Citigroup

SBA Communications (NASDAQ:SBAC) had its price target cut by Citigroup from $290.00 to $260.00 in a report released on Tuesday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other equities analysts have also recently issued research reports about the stock. Barclays decreased their price target on shares of SBA Communications from $255.00 to $241.00 and set an overweight rating for the company in a research report on Tuesday. TD Cowen lowered their target price on SBA Communications from $266.00 to $253.00 and set a buy rating for the company in a research note on Tuesday. Wells Fargo & Company reduced their price target on SBA Communications from $260.00 to $230.00 and set an overweight rating on the stock in a research report on Tuesday. KeyCorp lowered their price objective on SBA Communications from $276.00 to $227.00 and set an overweight rating for the company in a research report on Tuesday. Finally, 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. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Buy and an average price target of $258.23.

SBA Communications Price Performance

NASDAQ SBAC opened at $193.09 on Tuesday. The stock’s 50 day simple moving average is $208.78 and its 200-day simple moving average is $222.32. The company has a market cap of $20.87 billion, a PE ratio of 37.86, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59. SBA Communications has a 1-year low of $183.64 and a 1-year high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.21. The company had revenue of $657.86 million for the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.13 EPS. On average, equities research analysts anticipate that SBA Communications will post 12.61 EPS for the current fiscal year.

SBA Communications Dividend Announcement

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 given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 2.03%. The ex-dividend date is Wednesday, May 22nd. SBA Communications’s payout ratio is 76.86%.

Insider Transactions at SBA Communications

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was 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 of the company’s stock, valued at $1,007,549.78. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

Hedge funds and other institutional investors have recently modified their holdings of the stock. CVA Family Office LLC acquired a new stake in shares of SBA Communications in the 4th quarter worth approximately $37,000. Glassman Wealth Services grew its holdings in SBA Communications by 79.1% in the fourth quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock valued at $39,000 after purchasing an additional 68 shares during the last quarter. Emerald Advisers LLC purchased a new position in shares of SBA Communications in the third quarter valued at $31,000. Pinnacle Bancorp Inc. raised its stake in shares of SBA Communications by 73.6% during the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after buying an additional 67 shares during the last quarter. Finally, Allworth Financial LP boosted its position in shares of SBA Communications by 37.8% in the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after buying an additional 45 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Company Profile

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.