SBA Communications (NASDAQ:SBAC) Upgraded by Truist Financial to Buy Rating

Truist Financial upgraded shares of SBA Communications (NASDAQ:SBAC) from a hold rating to a buy rating in a research note issued to investors on Wednesday, MarketBeat.com reports. The firm currently has $247.00 price target on the technology company’s stock, up from their previous price target of $193.00.

A number of other equities analysts also recently issued reports on SBAC. UBS Group decreased their price objective on SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a report on Tuesday, January 20th. Scotiabank decreased their price objective on SBA Communications from $233.00 to $223.00 and set a “sector perform” rating for the company in a report on Monday, March 2nd. Barclays increased their price objective on SBA Communications from $212.00 to $244.00 and gave the stock an “overweight” rating in a report on Wednesday, April 15th. Sanford C. Bernstein initiated coverage on SBA Communications in a report on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price objective for the company. Finally, Morgan Stanley increased their price objective on SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, SBA Communications currently has a consensus rating of “Moderate Buy” and a consensus price target of $236.47.

SBA Communications Stock Down 0.6%

Shares of SBA Communications stock opened at $211.86 on Wednesday. The company has a market cap of $22.41 billion, a PE ratio of 22.23, a P/E/G ratio of 2.11 and a beta of 0.88. The business has a 50 day moving average of $196.44 and a 200 day moving average of $192.99. SBA Communications has a 52 week low of $162.41 and a 52 week high of $245.16.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, beating analysts’ consensus estimates of $3.25 by $0.22. The company had revenue of $719.58 million during the quarter, compared to the consensus estimate of $725.80 million. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.47 earnings per share. On average, research analysts anticipate that SBA Communications will post 11.49 earnings per share for the current year.

SBA Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were paid a $1.25 dividend. This is an increase from SBA Communications’s previous quarterly dividend of $1.11. 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. SBA Communications’s payout ratio is currently 52.47%.

Institutional Investors Weigh In On SBA Communications

A number of institutional investors have recently modified their holdings of SBAC. Dodge & Cox grew its stake in shares of SBA Communications by 24.1% in the fourth quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock worth $2,320,412,000 after acquiring an additional 2,328,837 shares during the last quarter. Norges Bank purchased a new stake in shares of SBA Communications in the fourth quarter worth $302,774,000. Arrowstreet Capital Limited Partnership grew its stake in shares of SBA Communications by 256.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,092,612 shares of the technology company’s stock worth $211,344,000 after acquiring an additional 785,850 shares during the last quarter. Millennium Management LLC grew its stake in shares of SBA Communications by 171.8% in the fourth quarter. Millennium Management LLC now owns 811,543 shares of the technology company’s stock worth $156,977,000 after acquiring an additional 513,002 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of SBA Communications by 65.0% in the third quarter. Nordea Investment Management AB now owns 1,182,076 shares of the technology company’s stock worth $229,145,000 after acquiring an additional 465,558 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Company Profile

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.