SBA Communications (NASDAQ:SBAC) Price Target Raised to $280.00 at KeyCorp

SBA Communications (NASDAQ:SBAC) had its price objective upped by KeyCorp from $230.00 to $280.00 in a report issued on Monday morning, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

SBAC has been the subject of a number of other reports. TD Cowen reduced their price objective on shares of SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Wells Fargo & Company increased their price target on SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. Barclays boosted their price objective on SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. The Goldman Sachs Group increased 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. Finally, Morgan Stanley lifted their target price on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $251.58.

SBA Communications Price Performance

NASDAQ:SBAC opened at $247.20 on Monday. SBA Communications has a one year low of $183.64 and a one year high of $258.76. The business has a fifty day moving average price of $233.53 and a 200-day moving average price of $212.29. The firm has a market capitalization of $26.57 billion, a price-to-earnings ratio of 52.15, a price-to-earnings-growth ratio of 0.72 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The company had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $3.24 earnings per share. On average, equities research analysts expect that SBA Communications will post 12.52 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd were given a $0.98 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $3.92 annualized dividend and a yield of 1.59%. SBA Communications’s dividend payout ratio is currently 82.70%.

Insider Activity

In other news, EVP Donald Day sold 1,500 shares of the company’s 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 transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction 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 completion of the sale, the executive vice president now directly owns 4,998 shares in the company, valued at approximately $1,213,814.28. This trade represents 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. Also, Director George R. Krouse, Jr. sold 325 shares of the company’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 owns 8,084 shares in the company, valued at approximately $1,775,084.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,590 shares of company stock valued at $11,483,981. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SBA Communications

Several hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in shares of SBA Communications by 54.9% in the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock valued at $931,844,000 after purchasing an additional 1,524,302 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of SBA Communications during the second quarter valued at about $134,738,000. Long Pond Capital LP purchased a new position in shares of SBA Communications in the 2nd quarter valued at approximately $83,687,000. AQR Capital Management LLC lifted its stake in shares of SBA Communications by 500.0% during the second quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock worth $72,375,000 after buying an additional 307,530 shares during the period. Finally, Diamond Hill Capital Management Inc. lifted its position in SBA Communications by 13.4% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock worth $387,470,000 after acquiring an additional 233,179 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

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.