TD Cowen Cuts SBA Communications (NASDAQ:SBAC) Price Target to $253.00

SBA Communications (NASDAQ:SBAC) had its target price cut by TD Cowen from $266.00 to $253.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other equities analysts have also recently weighed in on SBAC. KeyCorp reduced their price target on SBA Communications from $276.00 to $227.00 and set an overweight rating for the company in a research report on Tuesday. Barclays decreased their price target on SBA Communications from $255.00 to $241.00 and set an overweight rating on the stock in a research report on Tuesday. Bank of America upgraded shares of SBA Communications from a neutral rating to a buy rating and set a $260.00 price objective for the company in a research report on Thursday, March 7th. Finally, BMO Capital Markets reduced their price objective 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. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $258.23.

SBA Communications Stock Down 0.4 %

SBAC traded down $0.78 during trading hours on Tuesday, hitting $193.09. The stock had a trading volume of 1,072,789 shares, compared to its average volume of 1,010,062. SBA Communications has a 1 year low of $183.64 and a 1 year high of $258.76. The company’s fifty day simple moving average is $208.78 and its 200 day simple moving average is $222.32. The stock has a market cap of $20.87 billion, a PE ratio of 37.86, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.21. The firm had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The company’s revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the company earned $3.13 earnings per share. As a group, equities analysts expect that SBA Communications will post 12.61 EPS for the current year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd will be issued a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Wednesday, May 22nd. SBA Communications’s dividend payout ratio is 76.86%.

Insider Buying and Selling

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the sale, the director now owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by insiders.

Institutional Trading of SBA Communications

Several large investors have recently modified their holdings of SBAC. Nordea Investment Management AB lifted its holdings in SBA Communications by 6.3% in the 4th quarter. Nordea Investment Management AB now owns 272,065 shares of the technology company’s stock worth $68,854,000 after buying an additional 16,244 shares during the period. Legacy Trust bought a new stake in SBA Communications in the fourth quarter valued at $3,256,000. Natixis Advisors L.P. increased its position in SBA Communications by 18.8% during the 3rd quarter. Natixis Advisors L.P. now owns 36,708 shares of the technology company’s stock valued at $7,348,000 after purchasing an additional 5,814 shares during the period. Lecap Asset Management Ltd. bought a new position in SBA Communications in the 4th quarter worth $2,122,000. Finally, Wakefield Asset Management LLLP raised its holdings in SBA Communications by 11.0% in the 4th quarter. Wakefield Asset Management LLLP now owns 13,964 shares of the technology company’s stock worth $3,543,000 after purchasing an additional 1,389 shares in the last quarter. 97.35% of the stock is owned by 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.