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

SBA Communications (NASDAQ:SBAC) released its quarterly earnings data on Monday. The technology company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.21, RTT News reports. SBA Communications had a negative return on equity of 10.79% and a net margin of 20.61%. The business had revenue of $657.86 million during the quarter, compared to analyst estimates of $671.08 million. During the same quarter in the previous year, the firm posted $3.13 EPS. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. SBA Communications updated its FY24 guidance to $13.09-$13.46 EPS and its FY 2024 guidance to EPS.

SBA Communications Price Performance

Shares of NASDAQ SBAC opened at $186.12 on Wednesday. The business’s 50-day moving average price is $209.49 and its two-hundred day moving average price is $222.75. SBA Communications has a one year low of $185.23 and a one year high of $263.08. The company has a market capitalization of $20.12 billion, a P/E ratio of 36.49, a price-to-earnings-growth ratio of 1.24 and a beta of 0.56.

SBA Communications Announces Dividend

The company also recently announced 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 yield of 2.11%. SBA Communications’s dividend payout ratio (DPR) is currently 76.86%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SBAC. Citigroup cut their target price on SBA Communications from $290.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday. Barclays decreased their target price on SBA Communications from $255.00 to $241.00 and set an “overweight” rating on the stock in a report on Tuesday. KeyCorp decreased their target price on SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a report on Tuesday. Wells Fargo & Company decreased their target price on SBA Communications from $260.00 to $230.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, BMO Capital Markets decreased their target price on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a report on Tuesday, February 27th. One investment 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’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $258.23.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the transaction, the director now owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.