SBA Communications (NASDAQ:SBAC) Price Target Raised to $220.00 at Wells Fargo & Company

SBA Communications (NASDAQ:SBAC) had its price target increased by Wells Fargo & Company from $195.00 to $220.00 in a research note released on Tuesday,Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

A number of other analysts have also recently weighed in on SBAC. Sanford C. Bernstein assumed coverage on shares of SBA Communications in a report on Thursday, March 5th. They set a “market perform” rating and a $218.00 price objective on the stock. UBS Group cut their price objective on shares of SBA Communications from $275.00 to $260.00 and set a “buy” rating on the stock in a report on Tuesday, January 20th. JPMorgan Chase & Co. cut their price objective on shares of SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. Morgan Stanley cut their price objective on shares of SBA Communications from $225.00 to $215.00 and set an “equal weight” rating on the stock in a report on Monday, March 2nd. Finally, Truist Financial assumed coverage on shares of SBA Communications in a report on Tuesday, March 31st. They set a “hold” rating and a $193.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, SBA Communications presently has a consensus rating of “Hold” and an average price target of $231.42.

SBA Communications Stock Down 3.1%

Shares of SBA Communications stock opened at $205.86 on Tuesday. SBA Communications has a 52-week low of $162.41 and a 52-week high of $245.16. The company has a 50 day moving average of $188.91 and a 200 day moving average of $191.13. The company has a market capitalization of $21.78 billion, a P/E ratio of 21.60, a P/E/G ratio of 2.02 and a beta of 0.88.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 earnings per share for the quarter, topping analysts’ consensus estimates of $3.25 by $0.22. SBA Communications had a net margin of 36.40% and a negative return on equity of 20.81%. The company had revenue of $719.58 million for the quarter, compared to analysts’ expectations of $725.80 million. During the same quarter last year, the company earned $3.47 earnings per share. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, research analysts anticipate that SBA Communications will post 12.57 earnings per share for the current fiscal year.

SBA Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, March 13th. This is a positive change from SBA Communications’s previous quarterly dividend of $1.11. SBA Communications’s dividend payout ratio is presently 52.47%.

Hedge Funds Weigh In On SBA Communications

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of SBA Communications by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock valued at $3,511,920,000 after acquiring an additional 403,285 shares during the period. Dodge & Cox increased its holdings in shares of SBA Communications by 24.1% in the 4th quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock valued at $2,320,412,000 after acquiring an additional 2,328,837 shares during the period. State Street Corp increased its holdings in shares of SBA Communications by 3.3% in the 4th quarter. State Street Corp now owns 4,911,615 shares of the technology company’s stock valued at $950,054,000 after acquiring an additional 158,738 shares during the period. Geode Capital Management LLC increased its holdings in shares of SBA Communications by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company’s stock valued at $594,655,000 after acquiring an additional 16,153 shares during the period. Finally, Diamond Hill Capital Management Inc. increased its holdings in shares of SBA Communications by 9.7% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company’s stock valued at $393,615,000 after acquiring an additional 179,591 shares during the period. 97.35% of the stock is owned by institutional investors and hedge funds.

About SBA Communications

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.