Wells Fargo & Company Lowers SBA Communications (NASDAQ:SBAC) Price Target to $230.00

SBA Communications (NASDAQ:SBAC) had its target price lowered by Wells Fargo & Company from $260.00 to $230.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Several other equities research analysts also recently issued reports on the company. Bank of America upgraded 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. TD Cowen decreased their price objective 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. KeyCorp lowered their target price on shares of SBA Communications from $276.00 to $227.00 and set an overweight rating on the stock in a research note on Tuesday. BMO Capital Markets cut their price target on shares of SBA Communications from $285.00 to $265.00 and set an outperform rating for the company in a research note on Tuesday, February 27th. Finally, Barclays lowered their price objective on shares of SBA Communications from $255.00 to $241.00 and set an overweight rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Buy and a consensus price target of $258.23.

SBA Communications Trading Down 0.4 %

Shares of NASDAQ SBAC opened at $193.09 on Tuesday. The firm has a market cap of $20.87 billion, a price-to-earnings ratio of 37.86, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59. The stock has a fifty day simple moving average of $208.78 and a two-hundred day simple moving average of $222.32. SBA Communications has a 1-year low of $183.64 and a 1-year high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.21. The company had revenue of $657.86 million during the quarter, compared to the consensus estimate 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 in the prior year, the company earned $3.13 EPS. Analysts forecast that SBA Communications will post 12.61 EPS for the current year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Wednesday, May 22nd. SBA Communications’s payout ratio is 76.86%.

Insiders Place Their Bets

In related news, Director Mary S. Chan sold 1,977 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was 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 of the company’s stock, valued at $1,007,549.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

Institutional investors and hedge funds have recently modified their holdings of the stock. Easterly Investment Partners LLC bought a new position in SBA Communications in the first quarter worth about $1,412,000. BI Asset Management Fondsmaeglerselskab A S raised its position in shares of SBA Communications by 14.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 5,112 shares of the technology company’s stock worth $1,108,000 after acquiring an additional 650 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of SBA Communications in the 1st quarter valued at approximately $125,000. FORA Capital LLC bought a new stake in shares of SBA Communications during the first quarter valued at approximately $4,872,000. Finally, Nordea Investment Management AB grew its stake in SBA Communications by 28.8% in the first quarter. Nordea Investment Management AB now owns 350,533 shares of the technology company’s stock worth $76,486,000 after purchasing an additional 78,468 shares during the period. 97.35% of the stock is 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.