SBA Communications (NASDAQ:SBAC) Releases FY24 Earnings Guidance

SBA Communications (NASDAQ:SBAC) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $13.09-$13.46 for the period, compared to the consensus estimate of $13.35. The company issued revenue guidance of $2.657-$2.697 billion, compared to the consensus revenue estimate of $2.69 billion. SBA Communications also updated its FY 2024 guidance to EPS.

SBA Communications Stock Down 7.8 %

Shares of SBA Communications stock opened at $186.12 on Wednesday. The firm has a market cap of $20.12 billion, a price-to-earnings ratio of 36.49, a PEG ratio of 1.24 and a beta of 0.56. The business has a 50-day moving average price of $209.49 and a 200-day moving average price of $222.75. SBA Communications has a twelve month low of $185.23 and a twelve month high of $263.08.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.21. The firm had revenue of $657.86 million during the quarter, compared to analyst estimates of $671.08 million. SBA Communications had a negative return on equity of 10.79% and a net margin of 20.61%. The business’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.13 earnings per share. On average, equities analysts expect that SBA Communications will post 12.61 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd will be given a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.11%. SBA Communications’s dividend payout ratio is currently 76.86%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SBAC. Barclays decreased their price objective on shares of SBA Communications from $255.00 to $241.00 and set an overweight rating for the company in a research note on Tuesday. Citigroup decreased their price objective on shares of SBA Communications from $290.00 to $260.00 and set a buy rating for the company in a research note on Tuesday. Wells Fargo & Company decreased their price objective on shares of SBA Communications from $260.00 to $230.00 and set an overweight rating for the company in a research note on Tuesday. Bank of America raised shares of SBA Communications from a neutral rating to a buy rating and set a $260.00 price objective for the company in a research note on Thursday, March 7th. Finally, BMO Capital Markets decreased their price objective on shares of SBA Communications from $285.00 to $265.00 and set an outperform rating for the company in a research note on Tuesday, February 27th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $258.23.

Insider Buying and Selling

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

SBA Communications Company Profile

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.