SBA Communications (NASDAQ:SBAC) Updates FY24 Earnings Guidance

SBA Communications (NASDAQ:SBAC) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $13.20-$13.45 for the period, compared to the consensus earnings per share estimate of $13.23. The company issued revenue guidance of $2.66-$2.68 billion, compared to the consensus revenue estimate of $2.66 billion. SBA Communications also updated its FY 2024 guidance to EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a report on Wednesday. Morgan Stanley raised their target price on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. BMO Capital Markets raised their target price on SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a report on Tuesday. The Goldman Sachs Group raised their target price on SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Finally, KeyCorp increased their price target on SBA Communications from $230.00 to $280.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $257.23.

SBA Communications Price Performance

Shares of NASDAQ SBAC traded up $0.67 during midday trading on Thursday, hitting $232.55. 338,421 shares of the company’s stock were exchanged, compared to its average volume of 915,226. SBA Communications has a twelve month low of $183.64 and a twelve month high of $258.76. The company has a market cap of $24.99 billion, a PE ratio of 49.15, a P/E/G ratio of 0.73 and a beta of 0.67. The firm’s fifty day simple moving average is $237.77 and its 200-day simple moving average is $214.16.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.77). SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The business had revenue of $667.60 million for the quarter, compared to analyst estimates of $669.29 million. During the same period last year, the business posted $3.34 EPS. SBA Communications’s revenue was down 2.2% on a year-over-year basis. Equities analysts anticipate that SBA Communications will post 12.52 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 14th will be paid a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a yield of 1.69%. SBA Communications’s dividend payout ratio is presently 82.70%.

Insider Buying and Selling

In related news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the transaction, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other SBA Communications news, Director George R. Krouse, Jr. sold 325 shares of SBA Communications stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the transaction, the director now directly owns 8,084 shares in the company, valued at approximately $1,775,084.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

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.