SBA Communications (NASDAQ:SBAC) Announces Earnings Results

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

SBA Communications Price Performance

Shares of NASDAQ:SBAC opened at $231.75 on Wednesday. The company has a market cap of $24.91 billion, a price-to-earnings ratio of 48.89, a PEG ratio of 0.73 and a beta of 0.67. SBA Communications has a one year low of $183.64 and a one year high of $258.76. The firm has a fifty day moving average price of $237.52 and a two-hundred day moving average price of $214.04.

SBA Communications Dividend Announcement

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

Analyst Ratings Changes

SBAC has been the topic of several research reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. KeyCorp increased their price objective on SBA Communications from $230.00 to $280.00 and gave the company an “overweight” rating in a report on Monday, October 14th. The Goldman Sachs Group boosted their target price on SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research note on Friday, September 20th. Finally, BMO Capital Markets boosted their price objective on SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $257.23.

Insider Buying and Selling

In related news, Director George R. Krouse, Jr. sold 325 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the transaction, the director now directly owns 8,084 shares in the company, valued at $1,775,084.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other SBA Communications news, Director George R. Krouse, Jr. sold 325 shares of SBA Communications stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the sale, the director now directly owns 8,084 shares in the company, valued at $1,775,084.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Jeffrey Stoops sold 49,765 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chairman now directly owns 109,583 shares of the company’s stock, 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. Over the last quarter, insiders have sold 51,590 shares of company stock worth $11,483,981. 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.