SBA Communications (NASDAQ:SBAC) Issues Quarterly Earnings Results, Beats Estimates By $0.21 EPS

SBA Communications (NASDAQ:SBAC) posted its earnings results on Monday. The technology company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.21, RTT News reports. The company had revenue of $657.86 million during the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the firm earned $3.13 earnings per share. SBA Communications updated its FY24 guidance to $13.09-$13.46 EPS and its FY 2024 guidance to EPS.

SBA Communications Trading Up 1.6 %

NASDAQ SBAC opened at $189.12 on Thursday. SBA Communications has a 12-month low of $183.64 and a 12-month high of $258.76. The business’s 50 day moving average is $209.12 and its two-hundred day moving average is $222.52. The stock has a market capitalization of $20.45 billion, a price-to-earnings ratio of 37.08, a PEG ratio of 1.14 and a beta of 0.59.

SBA Communications Announces Dividend

The company 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. The ex-dividend date of this dividend is Wednesday, May 22nd. This represents a $3.92 annualized dividend and a yield of 2.07%. SBA Communications’s dividend payout ratio is currently 76.86%.

Insiders Place Their Bets

In other SBA Communications 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 transaction of $430,966.23. Following the transaction, the director now directly owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on SBAC shares. Citigroup decreased their price target on SBA Communications from $290.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday. KeyCorp lowered their target price on SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a report on Tuesday. Bank of America upgraded shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a research note on Thursday, March 7th. Barclays lowered their price objective on shares of SBA Communications from $255.00 to $241.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Wells Fargo & Company cut 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 note on Tuesday. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $258.23.

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.