SBA Communications (NASDAQ:SBAC) Issues Earnings Results

SBA Communications (NASDAQ:SBAC) posted its quarterly earnings data on Monday. The technology company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.21, RTT News reports. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The company had revenue of $657.86 million during the quarter, compared to analyst estimates of $671.08 million. During the same quarter last year, the business posted $3.13 earnings per share. The company’s revenue was down 2.6% on a year-over-year basis. SBA Communications updated its FY24 guidance to $13.09-$13.46 EPS and its FY 2024 guidance to EPS.

SBA Communications Price Performance

SBA Communications stock opened at $201.89 on Tuesday. SBA Communications has a fifty-two week low of $185.23 and a fifty-two week high of $263.08. The firm has a market capitalization of $21.83 billion, a price-to-earnings ratio of 43.79, a PEG ratio of 1.21 and a beta of 0.56. The company’s 50 day simple moving average is $209.91 and its 200 day simple moving average is $222.86.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd will be given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 1.94%. SBA Communications’s payout ratio is currently 85.03%.

Insider Activity

In related news, Director Mary S. Chan sold 1,977 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the transaction, the director now directly owns 4,622 shares in the company, valued at approximately $1,007,549.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

SBAC has been the topic of several research reports. Bank of America upgraded shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a research report on Thursday, March 7th. BMO Capital Markets dropped their target price on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a research note on Tuesday, February 27th. Finally, Barclays decreased their price target on shares of SBA Communications from $260.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 17th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $268.00.

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.