TD Cowen Trims SBA Communications (NASDAQ:SBAC) Target Price to $251.00

SBA Communications (NASDAQ:SBAC) had its target price reduced by TD Cowen from $253.00 to $251.00 in a research note published on Tuesday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

SBAC has been the topic of several other reports. BMO Capital Markets lowered their price target on shares of SBA Communications from $250.00 to $245.00 and set an outperform rating on the stock in a report on Tuesday. Barclays lowered their price target on shares of SBA Communications from $240.00 to $236.00 and set an overweight rating on the stock in a report on Tuesday. Wells Fargo & Company cut shares of SBA Communications from an overweight rating to an equal weight rating and lowered their price target for the company from $230.00 to $220.00 in a report on Monday, July 15th. StockNews.com upgraded shares of SBA Communications from a hold rating to a buy rating in a report on Friday, July 26th. Finally, The Goldman Sachs Group started coverage on shares of SBA Communications in a research note on Monday, July 1st. They issued a neutral rating and a $212.00 price objective for the company. Two 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, the company presently has a consensus rating of Moderate Buy and an average price target of $240.83.

SBA Communications Stock Performance

NASDAQ SBAC opened at $227.16 on Tuesday. SBA Communications has a twelve month low of $183.64 and a twelve month high of $258.76. The stock has a market cap of $24.41 billion, a price-to-earnings ratio of 44.54, a PEG ratio of 0.70 and a beta of 0.65. The firm’s 50 day moving average price is $199.60 and its two-hundred day moving average price is $206.99.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.07 by ($0.56). SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The firm had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.21 million. During the same quarter in the previous year, the firm posted $3.24 earnings per share. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, research analysts forecast that SBA Communications will post 12.53 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Thursday, August 22nd. SBA Communications’s dividend payout ratio is 76.86%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SBAC. Principal Financial Group Inc. lifted its position in SBA Communications by 54.9% during the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after acquiring an additional 1,524,302 shares during the last quarter. Norges Bank acquired a new position in SBA Communications during the 4th quarter worth $286,079,000. The Manufacturers Life Insurance Company lifted its position in SBA Communications by 111.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 734,795 shares of the technology company’s stock worth $186,410,000 after acquiring an additional 387,855 shares during the last quarter. BNP Paribas Financial Markets lifted its position in SBA Communications by 144.7% during the 1st quarter. BNP Paribas Financial Markets now owns 359,736 shares of the technology company’s stock worth $77,955,000 after acquiring an additional 212,739 shares during the last quarter. Finally, Westfield Capital Management Co. LP acquired a new position in SBA Communications during the 4th quarter worth $53,679,000. Institutional investors and hedge funds 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.