SBA Communications (NASDAQ:SBAC) Stock Price Down 2.1%

SBA Communications Co. (NASDAQ:SBAC)’s stock price was down 2.1% on Thursday . The stock traded as low as $234.72 and last traded at $234.93. Approximately 60,887 shares traded hands during trading, a decline of 93% from the average daily volume of 923,799 shares. The stock had previously closed at $239.91.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SBAC. The Goldman Sachs Group began coverage on shares of SBA Communications in a research report on Monday, July 1st. They issued a “neutral” rating and a $212.00 price target for the company. Morgan Stanley upped their target price on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a research note on Wednesday. Barclays decreased their price target on shares of SBA Communications from $240.00 to $236.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. Royal Bank of Canada raised their price objective on shares of SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Finally, Wells Fargo & Company cut shares of SBA Communications from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $230.00 to $220.00 in a research note on Monday, July 15th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $240.00.

SBA Communications Stock Performance

The stock has a 50-day moving average of $223.02 and a 200 day moving average of $208.90. The firm has a market capitalization of $25.56 billion, a P/E ratio of 47.04, a price-to-earnings-growth ratio of 0.74 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The business had revenue of $660.50 million during the quarter, compared to analyst estimates of $665.21 million. During the same quarter last year, the business posted $3.24 earnings per share. The business’s quarterly revenue was down 2.7% compared to the same quarter last year. On average, equities analysts predict that SBA Communications Co. will post 12.53 EPS for the current year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.98 per share. The ex-dividend date was Thursday, August 22nd. This represents a $3.92 annualized dividend and a dividend yield of 1.65%. SBA Communications’s dividend payout ratio (DPR) is currently 76.86%.

Insider Activity at SBA Communications

In related news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the sale, the executive vice president now directly owns 4,998 shares in the company, valued at $1,213,814.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Donald Day sold 1,500 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the sale, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total value of $11,048,327.65. Following the transaction, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. The disclosure for this sale can be found here. Insiders sold a total of 51,590 shares of company stock valued at $11,483,981 over the last quarter. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of SBA Communications by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 17,368,209 shares of the technology company’s stock valued at $3,763,691,000 after purchasing an additional 88,339 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of SBA Communications by 54.9% in the first quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock valued at $931,844,000 after buying an additional 1,524,302 shares during the period. Diamond Hill Capital Management Inc. increased its position in shares of SBA Communications by 13.4% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock worth $387,470,000 after acquiring an additional 233,179 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of SBA Communications by 15.5% during the second quarter. American Century Companies Inc. now owns 1,190,288 shares of the technology company’s stock worth $233,654,000 after acquiring an additional 159,433 shares during the period. Finally, Norges Bank bought a new stake in SBA Communications in the 4th quarter valued at $286,079,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

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.