SBA Communications (NASDAQ:SBAC) Updates FY24 Earnings Guidance

SBA Communications (NASDAQ:SBAC) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $13.06-13.43 for the period, compared to the consensus EPS estimate of $13.22. The company issued revenue guidance of $2.642-2.672 billion, compared to the consensus revenue estimate of $2.67 billion. SBA Communications also updated its FY 2024 guidance to EPS.

SBA Communications Stock Up 0.8 %

Shares of SBA Communications stock traded up $1.85 during trading on Wednesday, reaching $219.79. The company’s stock had a trading volume of 312,472 shares, compared to its average volume of 950,821. The business’s 50-day moving average price is $198.32 and its 200-day moving average price is $206.76. SBA Communications has a 52 week low of $183.64 and a 52 week high of $258.76. The firm has a market cap of $23.61 billion, a PE ratio of 42.73, a P/E/G ratio of 0.70 and a beta of 0.65.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a net margin of 19.22% and a negative return on equity of 9.92%. The business had revenue of $660.50 million during the quarter, compared to the consensus estimate of $665.21 million. During the same period in the prior year, the firm earned $3.24 EPS. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. Equities analysts predict that SBA Communications will post 12.51 earnings per share for the current year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd will be paid a dividend of $0.98 per share. The ex-dividend date is Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a yield of 1.78%. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

Analyst Upgrades and Downgrades

SBAC has been the subject of a number of recent analyst reports. Citigroup cut their target price on SBA Communications from $290.00 to $260.00 and set a buy rating for the company in a research report on Tuesday, April 30th. Barclays cut their price objective on shares of SBA Communications from $240.00 to $236.00 and set an overweight rating for the company in a research report on Tuesday. Royal Bank of Canada decreased their target price on shares of SBA Communications from $250.00 to $235.00 and set an outperform rating on the stock in a report on Thursday, May 9th. StockNews.com upgraded shares of SBA Communications from a hold rating to a buy rating in a research report on Friday, July 26th. Finally, TD Cowen reduced their price target on shares of SBA Communications from $253.00 to $251.00 and set a buy rating on the stock in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, SBA Communications has a consensus rating of Moderate Buy and an average price target of $246.54.

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.