SBA Communications (NASDAQ:SBAC) Given New $245.00 Price Target at Royal Bank of Canada

SBA Communications (NASDAQ:SBAC) had its price target increased by Royal Bank of Canada from $235.00 to $245.00 in a report published on Monday, Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

SBAC has been the topic of several other reports. TD Cowen lowered their target price 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, July 30th. Barclays dropped their price objective on SBA Communications from $240.00 to $236.00 and set an overweight rating for the company in a research note on Tuesday, July 30th. StockNews.com upgraded SBA Communications from a hold rating to a buy rating in a research report on Friday, July 26th. The Goldman Sachs Group initiated coverage on SBA Communications in a research report on Monday, July 1st. They issued a neutral rating and a $212.00 price target for the company. Finally, Citigroup cut their price target on SBA Communications from $290.00 to $260.00 and set a buy rating for the company in a research note on Tuesday, April 30th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, SBA Communications currently has a consensus rating of Moderate Buy and an average price target of $241.67.

SBA Communications Price Performance

NASDAQ SBAC opened at $216.89 on Monday. The company has a fifty day moving average of $202.80 and a two-hundred day moving average of $206.49. The company has a market capitalization of $23.30 billion, a PE ratio of 42.53, a P/E/G ratio of 0.73 and a beta of 0.65. SBA Communications has a 1 year low of $183.64 and a 1 year high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, July 29th. The technology company reported $1.51 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 9.85%. The business had revenue of $660.50 million during the quarter, compared to analyst estimates of $665.21 million. During the same period in the previous year, the firm earned $3.24 earnings per share. The business’s revenue was down 2.7% compared to the same quarter last year. On average, research analysts expect that SBA Communications will post 12.53 earnings per share for the current year.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd will be paid a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a yield of 1.81%. SBA Communications’s payout ratio is currently 76.86%.

Insider Buying and Selling at SBA Communications

In other news, Chairman Jeffrey Stoops sold 49,765 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the completion of the transaction, the chairman now owns 109,583 shares in the company, valued at $24,328,521.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SBA Communications

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Ridgewood Investments LLC bought a new stake in SBA Communications during the 2nd quarter valued at $32,000. Family Firm Inc. bought a new stake in shares of SBA Communications during the second quarter valued at about $36,000. Glassman Wealth Services grew its position in SBA Communications by 79.1% in the 4th quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock valued at $39,000 after buying an additional 68 shares in the last quarter. Pinnacle Bancorp Inc. increased its stake in SBA Communications by 73.6% during the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after buying an additional 67 shares during the period. Finally, Allworth Financial LP increased its stake in SBA Communications by 37.8% during the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after buying an additional 45 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Company Profile

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.