SBA Communications (NASDAQ:SBAC) Stock Price Up 13.4% – Should You Buy?

SBA Communications Corporation (NASDAQ:SBAC) shares were up 13.4% on Thursday . The stock traded as high as $176.93 and last traded at $194.5330. Approximately 524,666 shares were traded during trading, a decline of 44% from the average daily volume of 931,572 shares. The stock had previously closed at $171.56.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SBAC. Morgan Stanley cut their price objective on shares of SBA Communications from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Monday, March 2nd. Scotiabank reduced their price objective on shares of SBA Communications from $233.00 to $223.00 and set a “sector perform” rating for the company in a research note on Monday, March 2nd. JPMorgan Chase & Co. decreased their price objective on SBA Communications from $245.00 to $240.00 and set a “neutral” rating for the company in a report on Monday, January 12th. Truist Financial assumed coverage on SBA Communications in a research report on Tuesday. They issued a “hold” rating and a $193.00 target price on the stock. Finally, Wells Fargo & Company reduced their price target on SBA Communications from $205.00 to $195.00 and set an “equal weight” rating for the company in a research report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of “Hold” and a consensus price target of $230.11.

SBA Communications Stock Performance

The company has a market cap of $20.72 billion, a P/E ratio of 20.59, a P/E/G ratio of 1.71 and a beta of 0.88. The business’s 50-day moving average price is $187.32 and its 200 day moving average price is $190.97.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.25 by $0.22. SBA Communications had a net margin of 36.40% and a negative return on equity of 20.81%. The company had revenue of $719.58 million for the quarter, compared to analysts’ expectations of $725.80 million. During the same period in the prior year, the firm earned $3.47 EPS. SBA Communications’s quarterly revenue was up 3.7% compared to the same quarter last year. Equities research analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were paid a $1.25 dividend. This is a positive change from SBA Communications’s previous quarterly dividend of $1.11. This represents a $5.00 annualized dividend and a yield of 2.6%. The ex-dividend date was Friday, March 13th. SBA Communications’s dividend payout ratio is currently 52.47%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Fortune Financial Advisors LLC raised its stake in SBA Communications by 2.4% in the 3rd quarter. Fortune Financial Advisors LLC now owns 2,237 shares of the technology company’s stock valued at $432,000 after acquiring an additional 53 shares during the period. Prestige Wealth Management Group LLC boosted its position in SBA Communications by 3.6% during the third quarter. Prestige Wealth Management Group LLC now owns 1,715 shares of the technology company’s stock worth $332,000 after purchasing an additional 60 shares during the period. Choreo LLC increased its holdings in shares of SBA Communications by 1.1% in the third quarter. Choreo LLC now owns 6,047 shares of the technology company’s stock valued at $1,169,000 after purchasing an additional 63 shares during the last quarter. J.W. Cole Advisors Inc. raised its position in shares of SBA Communications by 4.6% in the second quarter. J.W. Cole Advisors Inc. now owns 1,532 shares of the technology company’s stock valued at $360,000 after purchasing an additional 68 shares during the period. Finally, Norinchukin Bank The raised its position in shares of SBA Communications by 1.1% in the third quarter. Norinchukin Bank The now owns 6,037 shares of the technology company’s stock valued at $1,167,000 after purchasing an additional 68 shares during the period. 97.35% of the stock is owned by institutional investors and hedge funds.

About SBA Communications

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.