SBA Communications (NASDAQ:SBAC) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of SBA Communications (NASDAQ:SBAC) from a hold rating to a buy rating in a research note released on Thursday morning.

A number of other equities analysts have also weighed in on the stock. Barclays decreased their price objective on shares of SBA Communications from $241.00 to $240.00 and set an overweight rating for the company in a report on Thursday, May 30th. 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 report on Tuesday, April 30th. Royal Bank of Canada decreased their price objective on shares of SBA Communications from $250.00 to $235.00 and set an outperform rating for the company in a report on Thursday, May 9th. TD Cowen decreased their price objective on shares of SBA Communications from $266.00 to $253.00 and set a buy rating for the company in a report on Tuesday, April 30th. Finally, KeyCorp decreased their target price on shares of SBA Communications from $276.00 to $227.00 and set an overweight rating for the company in a research note on Tuesday, April 30th. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, SBA Communications presently has an average rating of Buy and a consensus target price of $252.17.

SBA Communications Stock Down 0.2 %

Shares of SBAC opened at $190.78 on Thursday. The business’s 50 day moving average price is $195.20 and its 200-day moving average price is $216.26. SBA Communications has a 52 week low of $183.64 and a 52 week high of $258.76. The stock has a market cap of $20.50 billion, a P/E ratio of 37.41, a P/E/G ratio of 0.61 and a beta of 0.65.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The firm had revenue of $657.86 million for the quarter, compared to analysts’ expectations of $671.08 million. During the same period in the previous year, the firm posted $3.13 EPS. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, equities analysts anticipate that SBA Communications will post 12.52 EPS for the current year.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd were given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend was Wednesday, May 22nd. SBA Communications’s payout ratio is 76.86%.

Institutional Investors Weigh In On SBA Communications

A number of hedge funds have recently modified their holdings of SBAC. Rafferty Asset Management LLC grew its position in shares of SBA Communications by 5.2% during the 3rd quarter. Rafferty Asset Management LLC now owns 12,109 shares of the technology company’s stock valued at $2,424,000 after acquiring an additional 600 shares during the period. QRG Capital Management Inc. bought a new stake in shares of SBA Communications during the 3rd quarter valued at $926,000. Hsbc Holdings PLC grew its position in shares of SBA Communications by 8.7% during the 3rd quarter. Hsbc Holdings PLC now owns 140,933 shares of the technology company’s stock valued at $28,201,000 after acquiring an additional 11,310 shares during the period. Acadian Asset Management LLC bought a new position in SBA Communications in the 3rd quarter worth $270,000. Finally, LPL Financial LLC boosted its holdings in SBA Communications by 12.6% in the 3rd quarter. LPL Financial LLC now owns 61,209 shares of the technology company’s stock worth $12,252,000 after buying an additional 6,829 shares during the period. 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.