Barclays Trims SBA Communications (NASDAQ:SBAC) Target Price to $241.00

SBA Communications (NASDAQ:SBAC) had its price target lowered by Barclays from $255.00 to $241.00 in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

A number of other brokerages also recently weighed in on SBAC. BMO Capital Markets decreased their price target on SBA Communications from $285.00 to $265.00 and set an outperform rating for the company in a report on Tuesday, February 27th. Bank of America raised SBA Communications from a neutral rating to a buy rating and set a $260.00 target price for the company in a research note on Thursday, March 7th. Finally, KeyCorp dropped their price target on SBA Communications from $276.00 to $227.00 and set an overweight rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, SBA Communications presently has a consensus rating of Buy and a consensus target price of $258.23.

SBA Communications Trading Down 0.4 %

SBAC stock traded down $0.78 during trading on Tuesday, hitting $193.09. The company had a trading volume of 1,072,789 shares, compared to its average volume of 1,010,062. SBA Communications has a one year low of $183.64 and a one year high of $258.76. The business has a 50-day moving average of $208.78 and a 200-day moving average of $222.32. The stock has a market cap of $20.87 billion, a PE ratio of 37.86, a PEG ratio of 1.16 and a beta of 0.59.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The company had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same period in the prior year, the firm posted $3.13 EPS. The company’s quarterly revenue was down 2.6% on a year-over-year basis. Research analysts forecast that SBA Communications will post 12.61 EPS for the current year.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Wednesday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is 76.86%.

Insider Activity

In related news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the sale, the director now owns 4,622 shares in the company, valued at approximately $1,007,549.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of SBA Communications

Several institutional investors and hedge funds have recently modified their holdings of SBAC. Principal Financial Group Inc. boosted its position in shares of SBA Communications by 54.9% during 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 last quarter. Invesco Ltd. boosted its holdings in SBA Communications by 140.6% during the 3rd quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock worth $429,140,000 after acquiring an additional 1,252,764 shares during the last quarter. Norges Bank purchased a new position in SBA Communications during the 4th quarter worth $286,079,000. Ameriprise Financial Inc. grew its stake in shares of SBA Communications by 115.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock worth $271,838,000 after acquiring an additional 727,163 shares in the last quarter. Finally, Bristol John W & Co. Inc. NY purchased a new stake in shares of SBA Communications in the third quarter valued at about $92,725,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

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.