SBA Communications (NASDAQ:SBAC) Price Target Cut to $235.00 by Analysts at KeyCorp

SBA Communications (NASDAQ:SBAC) had its price target reduced by KeyCorp from $280.00 to $235.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other brokerages have also recently issued reports on SBAC. JMP Securities set a $280.00 price objective on SBA Communications and gave the company a “market outperform” rating in a report on Tuesday, August 5th. Raymond James Financial set a $265.00 price objective on SBA Communications and gave the company a “strong-buy” rating in a report on Tuesday, August 5th. Morgan Stanley boosted their price objective on SBA Communications from $255.00 to $260.00 and gave the company an “equal weight” rating in a report on Tuesday, July 22nd. Barclays decreased their price objective on SBA Communications from $257.00 to $226.00 and set an “overweight” rating for the company in a report on Monday. Finally, Bank of America cut SBA Communications from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $260.00 to $230.00 in a report on Wednesday, August 27th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $251.63.

SBA Communications Stock Up 0.1%

Shares of SBAC stock opened at $199.38 on Wednesday. The stock has a market cap of $21.41 billion, a PE ratio of 25.33, a price-to-earnings-growth ratio of 1.88 and a beta of 0.80. The business has a 50-day simple moving average of $217.61 and a 200-day simple moving average of $223.68. SBA Communications has a 52-week low of $186.81 and a 52-week high of $252.64.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.10 by $0.07. The business had revenue of $698.98 million during the quarter, compared to analysts’ expectations of $670.73 million. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The company’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.29 EPS. SBA Communications has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that SBA Communications will post 12.57 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st will be paid a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.2%. The ex-dividend date is Thursday, August 21st. SBA Communications’s payout ratio is 56.42%.

Institutional Investors Weigh In On SBA Communications

Several large investors have recently bought and sold shares of SBAC. Independence Bank of Kentucky purchased a new stake in SBA Communications during the 1st quarter worth approximately $28,000. CVA Family Office LLC increased its stake in SBA Communications by 106.3% during the 2nd quarter. CVA Family Office LLC now owns 130 shares of the technology company’s stock worth $31,000 after buying an additional 67 shares in the last quarter. Stone House Investment Management LLC purchased a new stake in SBA Communications during the 1st quarter worth approximately $33,000. Allworth Financial LP increased its stake in SBA Communications by 62.0% during the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company’s stock worth $36,000 after buying an additional 62 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position in shares of SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after purchasing an additional 84 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

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.