SBA Communications (NASDAQ:SBAC) Announces Earnings Results

SBA Communications (NASDAQ:SBAC) announced its earnings results on Monday. The technology company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.21, RTT News reports. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The business had revenue of $657.86 million during the quarter, compared to analysts’ expectations of $671.08 million. During the same period in the prior year, the company earned $3.13 earnings per share. The business’s revenue was down 2.6% compared to the same quarter last year. SBA Communications updated its FY24 guidance to $13.09-$13.46 EPS and its FY 2024 guidance to EPS.

SBA Communications Price Performance

SBA Communications stock opened at $201.89 on Tuesday. The stock has a market capitalization 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. SBA Communications has a 12-month low of $185.23 and a 12-month high of $263.08. The firm’s 50-day moving average is $209.91 and its two-hundred day moving average is $222.86.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Investors 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 payout ratio is 85.03%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SBAC shares. Bank of America raised SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price on the stock in a report on Thursday, March 7th. Barclays cut their price objective on shares of SBA Communications from $260.00 to $255.00 and set an “overweight” rating for the company in a research report on Wednesday, April 17th. Finally, BMO Capital Markets lowered their target price on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a report on Tuesday, February 27th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $268.00.

Insider Activity

In related news, Director Mary S. Chan sold 1,977 shares of the firm’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 transaction of $430,966.23. Following the sale, the director now owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.30% 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.