SBA Communications (NASDAQ:SBAC) Price Target Raised to $235.00

SBA Communications (NASDAQ:SBAC) had its target price lifted by Wells Fargo & Company from $225.00 to $235.00 in a research note published on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the technology company’s stock.

A number of other brokerages have also recently issued reports on SBAC. Barclays upped their target price on shares of SBA Communications from $247.00 to $257.00 and gave the company an “overweight” rating in a report on Wednesday, July 23rd. Deutsche Bank Aktiengesellschaft lowered SBA Communications from a “buy” rating to a “hold” rating and set a $247.00 price objective on the stock. in a research note on Tuesday, May 20th. BMO Capital Markets lifted their target price on SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 29th. Raymond James Financial restated a “strong-buy” rating and issued a $268.00 price target (up previously from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. Finally, Bank of America started coverage on SBA Communications in a report on Monday, May 19th. They set a “buy” rating and a $260.00 price target for the company. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, SBA Communications currently has a consensus rating of “Moderate Buy” and an average target price of $258.25.

SBA Communications Stock Performance

SBAC opened at $223.14 on Tuesday. The firm’s fifty day moving average is $230.70 and its two-hundred day moving average is $223.19. The firm has a market cap of $23.98 billion, a PE ratio of 28.35, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77. SBA Communications has a twelve month low of $192.55 and a twelve month high of $252.64.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share for the quarter, topping analysts’ consensus estimates of $3.10 by $0.07. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The firm had revenue of $698.98 million during the quarter, compared to analyst estimates of $670.73 million. During the same period in the prior year, the business earned $3.29 EPS. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. Equities analysts forecast that SBA Communications will post 12.57 EPS for the current fiscal year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 21st will be issued a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications’s payout ratio is 60.91%.

Institutional Trading of SBA Communications

Large investors have recently bought and sold shares of the company. Dodge & Cox increased its holdings in shares of SBA Communications by 352.5% in the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock worth $1,497,167,000 after buying an additional 5,722,740 shares during the last quarter. JPMorgan Chase & Co. grew its position in SBA Communications by 40.3% in the first quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company’s stock worth $1,314,265,000 after acquiring an additional 1,715,541 shares in the last quarter. BROOKFIELD Corp ON increased its stake in SBA Communications by 27,449.9% in the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company’s stock valued at $202,016,000 after acquiring an additional 987,647 shares during the last quarter. Nuveen LLC purchased a new stake in SBA Communications during the first quarter valued at about $152,973,000. Finally, Voyager Global Management LP bought a new stake in SBA Communications during the fourth quarter worth about $95,786,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

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.