SBA Communications Co. (NASDAQ:SBAC – Get Rating) – Research analysts at KeyCorp cut their FY2022 earnings per share (EPS) estimates for shares of SBA Communications in a research note issued on Sunday, October 2nd. KeyCorp analyst B. Nispel now forecasts that the technology company will earn $11.25 per share for the year, down from their prior forecast of $11.31. KeyCorp currently has a "Overweight" rating and a $335.00 target price on the stock. The consensus estimate for SBA Communications' current full-year earnings is $11.23 per share. KeyCorp also issued estimates for SBA Communications' Q4 2022 earnings at $2.80 EPS, Q1 2023 earnings at $2.82 EPS, Q2 2023 earnings at $2.89 EPS, Q3 2023 earnings at $2.93 EPS, Q4 2023 earnings at $2.96 EPS and FY2023 earnings at $11.60 EPS.
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SBA Communications (NASDAQ:SBAC – Get Rating) last issued its quarterly earnings results on Monday, August 1st. The technology company reported $0.64 EPS for the quarter, missing analysts' consensus estimates of $0.90 by ($0.26). SBA Communications had a net margin of 14.45% and a negative return on equity of 6.73%. The firm had revenue of $652.01 million for the quarter, compared to analysts' expectations of $626.30 million. During the same period in the prior year, the company earned $2.64 EPS. The firm's quarterly revenue was up 13.3% on a year-over-year basis.
SBAC has been the topic of a number of other reports. The Goldman Sachs Group decreased their price objective on SBA Communications from $424.00 to $381.00 and set a "buy" rating on the stock in a research note on Tuesday, July 12th. Credit Suisse Group upped their target price on SBA Communications from $405.00 to $408.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 2nd. UBS Group upped their target price on SBA Communications from $400.00 to $410.00 and gave the stock a "buy" rating in a research note on Tuesday, August 2nd. Wells Fargo & Company decreased their target price on SBA Communications from $390.00 to $355.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 19th. Finally, Barclays decreased their target price on SBA Communications from $385.00 to $380.00 and set an "overweight" rating on the stock in a research note on Friday, August 26th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and a consensus price target of $381.07.
SBA Communications Stock Performance
NASDAQ:SBAC opened at $283.12 on Wednesday. SBA Communications has a 52-week low of $279.49 and a 52-week high of $391.15. The firm has a market cap of $30.53 billion, a price-to-earnings ratio of 87.65 and a beta of 0.51. The business's fifty day moving average is $323.23 and its 200 day moving average is $329.79.
Hedge Funds Weigh In On SBA Communications
Several institutional investors and hedge funds have recently bought and sold shares of SBAC. Vanguard Group Inc. lifted its position in shares of SBA Communications by 1.0% in the first quarter. Vanguard Group Inc. now owns 17,537,146 shares of the technology company's stock valued at $6,034,531,000 after acquiring an additional 173,850 shares in the last quarter. BlackRock Inc. increased its holdings in shares of SBA Communications by 3.7% in the fourth quarter. BlackRock Inc. now owns 9,895,814 shares of the technology company's stock worth $3,849,667,000 after purchasing an additional 352,616 shares during the last quarter. State Street Corp increased its holdings in shares of SBA Communications by 6.3% in the first quarter. State Street Corp now owns 5,150,667 shares of the technology company's stock worth $1,772,345,000 after purchasing an additional 307,233 shares during the last quarter. Cohen & Steers Inc. increased its holdings in shares of SBA Communications by 4.8% in the first quarter. Cohen & Steers Inc. now owns 3,442,391 shares of the technology company's stock worth $1,184,473,000 after purchasing an additional 156,278 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of SBA Communications by 12.1% in the fourth quarter. Deutsche Bank AG now owns 3,048,354 shares of the technology company's stock worth $1,185,871,000 after purchasing an additional 328,421 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at SBA Communications
In related news, EVP Mark R. Ciarfella sold 5,760 shares of the firm's stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $343.94, for a total transaction of $1,981,094.40. Following the completion of the transaction, the executive vice president now owns 23,884 shares of the company's stock, valued at approximately $8,214,662.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other SBA Communications news, EVP Jason V. Silberstein sold 16,464 shares of SBA Communications stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $350.38, for a total value of $5,768,656.32. Following the completion of the sale, the executive vice president now owns 21,785 shares of the company's stock, valued at approximately $7,633,028.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark R. Ciarfella sold 5,760 shares of SBA Communications stock in a transaction on Friday, August 5th. The stock was sold at an average price of $343.94, for a total value of $1,981,094.40. Following the completion of the sale, the executive vice president now directly owns 23,884 shares of the company's stock, valued at approximately $8,214,662.96. The disclosure for this sale can be found here. Insiders sold a total of 54,152 shares of company stock valued at $18,852,602 in the last 90 days. Corporate insiders own 1.80% of the company's stock.
SBA Communications Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 20th. Investors of record on Thursday, August 25th were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date was Wednesday, August 24th. SBA Communications's dividend payout ratio (DPR) is presently 87.93%.
SBA Communications Company Profile
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SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services.
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