SBA Communications (NASDAQ:SBAC) Price Target Raised to $240.00

SBA Communications (NASDAQ:SBAC) had its target price lifted by Deutsche Bank Aktiengesellschaft from $230.00 to $240.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a buy rating on the technology company’s stock.

A number of other research firms have also recently commented on SBAC. Citigroup lowered their price target on shares of SBA Communications from $290.00 to $260.00 and set a buy rating on the stock in a report on Tuesday, April 30th. TD Cowen dropped their target price on shares of SBA Communications from $253.00 to $251.00 and set a buy rating for the company in a research report on Tuesday, July 30th. Barclays dropped 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. The Goldman Sachs Group assumed coverage on SBA Communications in a research note on Monday, July 1st. They set a neutral rating and a $212.00 price objective on the stock. Finally, Royal Bank of Canada increased their price objective on SBA Communications from $235.00 to $245.00 and gave the stock an outperform rating in a report on Monday, August 5th. Two equities research analysts have 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 MarketBeat.com, SBA Communications presently has a consensus rating of Moderate Buy and a consensus price target of $241.54.

SBA Communications Stock Up 1.6 %

SBAC stock opened at $218.17 on Wednesday. The firm has a market cap of $23.44 billion, a price-to-earnings ratio of 42.78, a PEG ratio of 0.68 and a beta of 0.65. SBA Communications has a 12-month low of $183.64 and a 12-month high of $258.76. The company’s fifty day simple moving average is $205.22 and its 200 day simple moving average is $205.91.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, July 29th. The technology company reported $1.51 EPS 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 business had revenue of $660.50 million for the quarter, compared to the consensus estimate of $665.21 million. During the same period in the previous year, the firm earned $3.24 earnings per share. The company’s revenue was down 2.7% on a year-over-year basis. Research analysts expect 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 issued a $0.98 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $3.92 annualized dividend and a dividend yield of 1.80%. SBA Communications’s dividend payout ratio (DPR) is 76.86%.

Insiders Place Their Bets

In related news, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the sale, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On SBA Communications

Hedge funds have recently bought and sold shares of the business. Oregon Public Employees Retirement Fund lifted its position in shares of SBA Communications by 0.6% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 9,265 shares of the technology company’s stock worth $1,819,000 after purchasing an additional 53 shares during the period. Marks Group Wealth Management Inc increased its holdings in shares of SBA Communications by 4.4% in the 4th quarter. Marks Group Wealth Management Inc now owns 1,274 shares of the technology company’s stock valued at $323,000 after acquiring an additional 54 shares during the period. Ballentine Partners LLC raised its position in shares of SBA Communications by 2.7% in the 1st quarter. Ballentine Partners LLC now owns 2,068 shares of the technology company’s stock worth $448,000 after acquiring an additional 55 shares in the last quarter. Checchi Capital Advisers LLC lifted its stake in shares of SBA Communications by 4.1% during the 2nd quarter. Checchi Capital Advisers LLC now owns 1,457 shares of the technology company’s stock worth $286,000 after purchasing an additional 57 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. boosted its position in SBA Communications by 3.9% during the first quarter. Industrial Alliance Investment Management Inc. now owns 1,560 shares of the technology company’s stock valued at $338,000 after purchasing an additional 58 shares in the last quarter. 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.