SBA Communications (NASDAQ:SBAC) Cut to Hold at StockNews.com

StockNews.com cut shares of SBA Communications (NASDAQ:SBAC) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

Other research analysts also recently issued research reports about the stock. KeyCorp lowered their price objective on shares of SBA Communications from $276.00 to $227.00 and set an overweight rating on the stock in a report on Tuesday, April 30th. TD Cowen cut their price objective on shares of SBA Communications from $266.00 to $253.00 and set a buy rating for the company in a research report on Tuesday, April 30th. Wells Fargo & Company dropped their target price on shares of SBA Communications from $260.00 to $230.00 and set an overweight rating for the company in a research report on Tuesday, April 30th. The Goldman Sachs Group assumed coverage on shares of SBA Communications in a report on Monday, July 1st. They issued a neutral rating and a $212.00 price objective for the company. Finally, 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 research note on Thursday, May 9th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $249.08.

SBA Communications Stock Performance

NASDAQ SBAC opened at $212.83 on Tuesday. The firm has a 50-day moving average of $195.11 and a 200-day moving average of $210.43. The stock has a market cap of $22.87 billion, a PE ratio of 41.73, a P/E/G ratio of 0.62 and a beta of 0.65. SBA Communications has a 52-week low of $183.64 and a 52-week high of $258.76.

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 analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The firm had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same period in the previous year, the firm posted $3.13 EPS. The company’s revenue for the quarter was down 2.6% compared to the same quarter last year. As a group, analysts predict that SBA Communications will post 12.51 EPS for the current fiscal year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd were paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend was Wednesday, May 22nd. SBA Communications’s dividend payout ratio is currently 76.86%.

Hedge Funds Weigh In On SBA Communications

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CVA Family Office LLC bought a new position in SBA Communications during the 4th quarter valued at about $37,000. Glassman Wealth Services lifted its stake in SBA Communications by 79.1% during the 4th quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock valued at $39,000 after acquiring an additional 68 shares during the period. Pinnacle Bancorp Inc. lifted 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 acquiring an additional 67 shares during the period. Allworth Financial LP increased its stake in shares of SBA Communications by 37.8% during the fourth 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. Finally, Quarry LP increased its stake in shares of SBA Communications by 400.0% during the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after buying an additional 132 shares during the period. Institutional investors own 97.35% of the company’s stock.

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.