SBA Communications (NASDAQ:SBAC) Announces Quarterly Earnings Results

SBA Communications (NASDAQ:SBAC) issued its earnings results on Monday. The technology company reported $2.40 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77), Zacks reports. The business had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. SBA Communications’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.34 EPS. SBA Communications updated its FY24 guidance to $13.20-$13.45 EPS and its FY 2024 guidance to EPS.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $231.75 on Wednesday. The company has a market capitalization of $24.91 billion, a price-to-earnings ratio of 48.89, a PEG ratio of 0.73 and a beta of 0.67. The company has a 50-day moving average of $237.52 and a 200-day moving average of $214.04. SBA Communications has a 52 week low of $183.64 and a 52 week high of $258.76.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Thursday, November 14th. SBA Communications’s dividend payout ratio is 82.70%.

Analysts Set New Price Targets

Several research firms have weighed in on SBAC. Barclays upped their price objective on shares of SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. TD Cowen increased their price objective on SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a report on Tuesday. The Goldman Sachs Group upped their target price on SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Royal Bank of Canada lifted their target price on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Finally, Raymond James lifted their price objective on shares of SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $257.23.

Insider Buying and Selling

In other SBA Communications news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the sale, the chairman now directly owns 109,583 shares in the company, valued at approximately $24,328,521.83. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 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.

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.