SBA Communications (NASDAQ:SBAC) Now Covered by Analysts at Truist Financial

Truist Financial initiated coverage on shares of SBA Communications (NASDAQ:SBAC) in a research report released on Tuesday, MarketBeat reports. The brokerage issued a hold rating and a $193.00 price target on the technology company’s stock.

SBAC has been the subject of a number of other reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of SBA Communications in a report on Friday, January 9th. Scotiabank cut their target price on SBA Communications from $233.00 to $223.00 and set a “sector perform” rating on the stock in a research note on Monday, March 2nd. Sanford C. Bernstein began coverage on SBA Communications in a research report on Thursday, March 5th. They set a “market perform” rating and a $218.00 price target for the company. Barclays decreased their price target on shares of SBA Communications from $219.00 to $212.00 and set an “overweight” rating for the company in a research note on Monday, December 1st. Finally, Royal Bank Of Canada lifted their price objective on shares of SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $230.11.

SBA Communications Trading Up 1.3%

Shares of NASDAQ SBAC opened at $172.11 on Tuesday. The firm has a market cap of $18.21 billion, a PE ratio of 18.06, a PEG ratio of 1.68 and a beta of 0.86. SBA Communications has a 1-year low of $162.41 and a 1-year high of $245.16. The company has a fifty day moving average price of $187.62 and a 200 day moving average price of $191.11.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.25 by $0.22. The firm had revenue of $719.58 million for 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 company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter last year, the business posted $3.47 EPS. Equities research analysts forecast that SBA Communications will post 12.57 EPS for the current year.

SBA Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 13th were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.9%. This is a boost from SBA Communications’s previous quarterly dividend of $1.11. The ex-dividend date of this dividend was Friday, March 13th. SBA Communications’s payout ratio is currently 52.47%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Fortune Financial Advisors LLC raised its stake in shares of SBA Communications by 2.4% during the 3rd quarter. Fortune Financial Advisors LLC now owns 2,237 shares of the technology company’s stock worth $432,000 after purchasing an additional 53 shares in the last quarter. Prestige Wealth Management Group LLC grew its stake in shares of SBA Communications by 3.6% in the third quarter. Prestige Wealth Management Group LLC now owns 1,715 shares of the technology company’s stock valued at $332,000 after buying an additional 60 shares in the last quarter. Choreo LLC increased its holdings in SBA Communications by 1.1% during the third quarter. Choreo LLC now owns 6,047 shares of the technology company’s stock worth $1,169,000 after buying an additional 63 shares during the last quarter. J.W. Cole Advisors Inc. increased its holdings in SBA Communications by 4.6% during the second quarter. J.W. Cole Advisors Inc. now owns 1,532 shares of the technology company’s stock worth $360,000 after buying an additional 68 shares during the last quarter. Finally, Norinchukin Bank The raised its position in SBA Communications by 1.1% during the third quarter. Norinchukin Bank The now owns 6,037 shares of the technology company’s stock worth $1,167,000 after acquiring an additional 68 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

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.