SBA Communications (NASDAQ:SBAC) Price Target Raised to $245.00 at Royal Bank of Canada

SBA Communications (NASDAQ:SBAC) had its price target increased by Royal Bank of Canada from $235.00 to $245.00 in a report released on Monday, Benzinga reports. They currently have an outperform rating on the technology company’s stock.

A number of other equities analysts also recently issued reports on SBAC. Barclays cut their price target on SBA Communications from $240.00 to $236.00 and set an overweight rating for the company in a research note on Tuesday, July 30th. StockNews.com raised SBA Communications from a hold rating to a buy rating in a research report on Friday, July 26th. BMO Capital Markets lowered their price target on SBA Communications from $250.00 to $245.00 and set an outperform rating for the company in a research report on Tuesday, July 30th. TD Cowen lowered their target price on shares of SBA Communications from $253.00 to $251.00 and set a buy rating for the company in a report on Tuesday, July 30th. Finally, Wells Fargo & Company cut shares of SBA Communications from an overweight rating to an equal weight rating and cut their price target for the stock from $230.00 to $220.00 in a report on Monday, July 15th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $241.67.

SBA Communications Stock Performance

Shares of SBAC stock opened at $216.89 on Monday. SBA Communications has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The stock has a 50 day simple moving average of $202.80 and a two-hundred day simple moving average of $206.49. The company has a market cap of $23.30 billion, a P/E ratio of 42.53, a PEG ratio of 0.73 and a beta of 0.65.

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

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd will be given a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Thursday, August 22nd. SBA Communications’s dividend payout ratio is currently 76.86%.

Insider Buying and Selling

In related news, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the transaction, the chairman now directly owns 109,583 shares in the company, valued at approximately $24,328,521.83. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On SBA Communications

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of SBA Communications by 0.5% during the first quarter. Vanguard Group Inc. now owns 17,368,209 shares of the technology company’s stock valued at $3,763,691,000 after purchasing an additional 88,339 shares in the last quarter. Principal Financial Group Inc. lifted its stake 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 valued at $931,844,000 after acquiring an additional 1,524,302 shares during the period. Brown Advisory Inc. lifted its stake in SBA Communications by 7.9% during the 4th quarter. Brown Advisory Inc. now owns 2,091,103 shares of the technology company’s stock valued at $530,492,000 after acquiring an additional 153,299 shares during the period. Diamond Hill Capital Management Inc. boosted its holdings in shares of SBA Communications by 13.4% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after acquiring an additional 233,179 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of SBA Communications by 9.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,958,156 shares of the technology company’s stock worth $496,765,000 after acquiring an additional 166,554 shares during the period. Hedge funds and other 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.