SBA Communications (NASDAQ:SBAC) Announces Quarterly Earnings Results, Beats Estimates By $0.21 EPS

SBA Communications (NASDAQ:SBAC) posted its quarterly earnings results on Monday. The technology company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21, RTT News reports. The business had revenue of $657.86 million during the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period last year, the company posted $3.13 earnings per share. 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 %

SBA Communications stock opened at $201.89 on Tuesday. The stock has a market cap of $21.83 billion, a P/E ratio of 43.79, a P/E/G ratio of 1.21 and a beta of 0.56. The company’s 50 day moving average price is $209.91 and its two-hundred day moving average price is $222.86. SBA Communications has a 52 week low of $185.23 and a 52 week high of $263.08.

SBA Communications Announces Dividend

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

Insider Activity

In related news, Director Mary S. Chan sold 1,977 shares of SBA Communications stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total transaction of $430,966.23. Following the sale, the director now directly owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on SBAC shares. Bank of America raised SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a research report on Thursday, March 7th. BMO Capital Markets reduced their price objective on SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a research note on Tuesday, February 27th. Finally, Barclays decreased their price objective on SBA Communications from $260.00 to $255.00 and set an “overweight” rating for the company 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price 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.