SBA Communications (NASDAQ:SBAC) Announces Earnings Results

SBA Communications (NASDAQ:SBAC) released its earnings results on Monday. The technology company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.21, RTT News reports. The company had revenue of $657.86 million for the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.13 EPS. SBA Communications updated its FY24 guidance to $13.09-$13.46 EPS and its FY 2024 guidance to EPS.

SBA Communications Stock Up 2.9 %

Shares of SBA Communications stock opened at $201.89 on Tuesday. SBA Communications has a 12-month low of $185.23 and a 12-month high of $263.08. The stock has a 50 day moving average price of $209.91 and a two-hundred day moving average price of $222.86. The stock has a market capitalization of $21.83 billion, a P/E ratio of 43.79, a PEG ratio of 1.21 and a beta of 0.56.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd will be issued a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.94%. SBA Communications’s dividend payout ratio (DPR) is currently 85.03%.

Insider Transactions at SBA Communications

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. BMO Capital Markets lowered their price objective on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 27th. Bank of America raised shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a research note on Thursday, March 7th. Finally, Barclays lowered their price target on shares of SBA Communications from $260.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, SBA Communications presently has an average rating of “Buy” and an average price target of $268.00.

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.