SBA Communications (NASDAQ:SBAC) Price Target Lowered to $260.00 at Citigroup

SBA Communications (NASDAQ:SBAC) had its target price cut by Citigroup from $290.00 to $260.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

SBAC has been the topic of a number of other research reports. KeyCorp dropped their price target on shares of SBA Communications from $276.00 to $227.00 and set an overweight rating on the stock in a research report on Tuesday. TD Cowen dropped their price target on shares of SBA Communications from $266.00 to $253.00 and set a buy rating on the stock in a research report on Tuesday. BMO Capital Markets dropped their target price on shares of SBA Communications from $285.00 to $265.00 and set an outperform rating on the stock in a research report on Tuesday, February 27th. Bank of America upgraded shares of SBA Communications from a neutral rating to a buy rating and set a $260.00 target price on the stock in a research report on Thursday, March 7th. Finally, Wells Fargo & Company dropped their target price on shares of SBA Communications from $260.00 to $230.00 and set an overweight rating on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Buy and an average price target of $258.23.

SBA Communications Stock Performance

Shares of NASDAQ SBAC opened at $186.12 on Tuesday. The company has a market capitalization of $20.12 billion, a P/E ratio of 40.37, a price-to-earnings-growth ratio of 1.21 and a beta of 0.56. SBA Communications has a 52-week low of $185.23 and a 52-week high of $263.08. The company’s 50 day moving average price is $209.49 and its 200-day moving average price is $222.75.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. The firm had revenue of $657.86 million for the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.13 EPS. Analysts forecast that SBA Communications will post 12.61 earnings per share for the current year.

SBA Communications Dividend Announcement

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 issued a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 2.11%. SBA Communications’s payout ratio is 85.03%.

Insiders Place Their Bets

In other news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of 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 SEC, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of SBA Communications

Several institutional investors have recently made changes to their positions in SBAC. Asset Management One Co. Ltd. grew its stake in shares of SBA Communications by 0.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 43,284 shares of the technology company’s stock worth $8,664,000 after acquiring an additional 188 shares in the last quarter. Valeo Financial Advisors LLC bought a new position in SBA Communications during the third quarter valued at about $212,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in SBA Communications by 12.0% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 19,618 shares of the technology company’s stock valued at $3,927,000 after buying an additional 2,100 shares during the period. Xponance Inc. grew its position in SBA Communications by 4.0% during the third quarter. Xponance Inc. now owns 15,499 shares of the technology company’s stock valued at $3,102,000 after buying an additional 600 shares during the period. Finally, Raymond James & Associates grew its position in SBA Communications by 23.3% during the third quarter. Raymond James & Associates now owns 90,188 shares of the technology company’s stock valued at $18,053,000 after buying an additional 17,048 shares during the period. Institutional investors own 97.35% of the company’s stock.

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.