SBA Communications (NASDAQ:SBAC) Stock Rating Lowered by StockNews.com

StockNews.com downgraded shares of SBA Communications (NASDAQ:SBAC) from a buy rating to a hold rating in a research note released on Tuesday morning.

A number of other brokerages also recently issued reports on SBAC. KeyCorp reduced their price target on SBA Communications from $276.00 to $227.00 and set an overweight rating on the stock in a report on Tuesday, April 30th. Royal Bank of Canada reduced their price target on SBA Communications from $250.00 to $235.00 and set an outperform rating on the stock in a report on Thursday, May 9th. Citigroup reduced their price target on SBA Communications from $290.00 to $260.00 and set a buy rating on the stock in a report on Tuesday, April 30th. Wells Fargo & Company reduced their price target on SBA Communications from $260.00 to $230.00 and set an overweight rating on the stock in a report on Tuesday, April 30th. Finally, The Goldman Sachs Group assumed coverage on SBA Communications in a report on Monday, July 1st. They set a neutral rating and a $212.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $249.08.

SBA Communications Stock Up 1.4 %

Shares of SBAC stock opened at $212.83 on Tuesday. The business has a 50-day moving average price of $195.11 and a two-hundred day moving average price of $210.43. SBA Communications has a 12-month low of $183.64 and a 12-month high of $258.76. The firm has a market cap of $22.87 billion, a P/E ratio of 41.73, a price-to-earnings-growth ratio of 0.62 and a beta of 0.65.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.21. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The firm had revenue of $657.86 million during the quarter, compared to analyst estimates of $671.08 million. During the same quarter in the previous year, the company posted $3.13 earnings per share. The company’s revenue was down 2.6% compared to the same quarter last year. As a group, research analysts expect that SBA Communications will post 12.51 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd were issued a dividend of $0.98 per share. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $3.92 annualized dividend and a dividend yield of 1.84%. SBA Communications’s payout ratio is 76.86%.

Institutional Investors Weigh In On SBA Communications

Several hedge funds and other institutional investors have recently modified their holdings of SBAC. CVA Family Office LLC purchased a new stake in shares of SBA Communications in the 4th quarter worth $37,000. Glassman Wealth Services increased its stake in shares of SBA Communications by 79.1% in the 4th quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock worth $39,000 after purchasing an additional 68 shares in the last quarter. Pinnacle Bancorp Inc. increased its stake in shares of SBA Communications by 73.6% in the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after purchasing an additional 67 shares in the last quarter. Allworth Financial LP increased its stake in shares of SBA Communications by 37.8% in the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after purchasing an additional 45 shares in the last quarter. Finally, Quarry LP increased its stake in shares of SBA Communications by 400.0% in the 4th quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after purchasing an additional 132 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.