SBA Communications (NASDAQ:SBAC) Hits New 1-Year Low – Here’s What Happened

SBA Communications Corporation (NASDAQ:SBAC) reached a new 52-week low during mid-day trading on Monday. The stock traded as low as $157.09 and last traded at $157.4790, with a volume of 18076 shares. The stock had previously closed at $158.49.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SBAC shares. Morgan Stanley reduced their price target on SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a report on Monday, September 21st. Barclays dropped their price objective on SBA Communications from $208.00 to $207.00 and set an “overweight” rating for the company in a report on Wednesday, September 30th. Truist Financial cut their price objective on SBA Communications from $248.00 to $238.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. TD Cowen reissued a “buy” rating on shares of SBA Communications in a research note on Tuesday, August 4th. Finally, Wolfe Research raised SBA Communications from a “hold” rating to an “outperform” rating in a research note on Tuesday, August 4th. Eight research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $227.69.

SBA Communications Stock Up 4.9%

The company has a market capitalization of $18.00 billion, a P/E ratio of 18.29, a price-to-earnings-growth ratio of 1.62 and a beta of 1.00. The company has a 50-day moving average of $179.95 and a two-hundred day moving average of $190.92.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, August 3rd. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.02. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.51%.The business had revenue of $715.27 million during the quarter, compared to the consensus estimate of $706.01 million. During the same quarter in the prior year, the company earned $3.17 earnings per share. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, equities analysts expect that SBA Communications Corporation will post 11.4 EPS for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 17th. Investors of record on Thursday, August 20th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Thursday, August 20th. SBA Communications’s dividend payout ratio (DPR) is 53.88%.

Insider Buying and Selling

In related news, Director George R. Krouse, Jr. sold 300 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $182.67, for a total transaction of $54,801.00. Following the sale, the director owned 8,512 shares of the company’s stock, valued at $1,554,887.04. The trade was a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 9.50% of the stock is owned by insiders.

Institutional Trading of SBA Communications

Hedge funds have recently made changes to their positions in the stock. Central Pacific Bank Trust Division grew its stake in shares of SBA Communications by 3.0% in the 3rd quarter. Central Pacific Bank Trust Division now owns 3,425 shares of the technology company’s stock worth $548,000 after buying an additional 100 shares during the last quarter. QRG Capital Management Inc. raised its stake in SBA Communications by 4.5% during the second quarter. QRG Capital Management Inc. now owns 3,109 shares of the technology company’s stock valued at $549,000 after buying an additional 134 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in SBA Communications by 16.2% during the second quarter. Sequoia Financial Advisors LLC now owns 2,461 shares of the technology company’s stock valued at $434,000 after buying an additional 343 shares during the last quarter. National Pension Service boosted its holdings in SBA Communications by 29.7% in the second quarter. National Pension Service now owns 9,999 shares of the technology company’s stock worth $1,764,000 after acquiring an additional 2,291 shares in the last quarter. Finally, Integrated Wealth Concepts LLC grew its stake in shares of SBA Communications by 212.9% in the second quarter. Integrated Wealth Concepts LLC now owns 4,800 shares of the technology company’s stock worth $847,000 after acquiring an additional 3,266 shares during the last quarter. 97.35% of the stock is owned by institutional investors.

SBA Communications Company Profile

SBA Communications Corporation is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its portfolio primarily includes communications towers, rooftops, small-cell networks and distributed antenna systems used by wireless service providers, government agencies and other communications customers.

The company generates revenue mainly by leasing antenna space and related infrastructure to tenants, who install equipment used to provide wireless voice and data services.