SBA Communications (NASDAQ:SBAC) Issues Quarterly Earnings Results, Misses Estimates By $0.77 EPS

SBA Communications (NASDAQ:SBAC) released its earnings results on Monday. The technology company reported $2.40 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.77), Zacks reports. The business had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $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 SBA Communications stock opened at $231.88 on Thursday. The business’s fifty day moving average price is $237.77 and its two-hundred day moving average price is $214.16. The company has a market capitalization of $24.92 billion, a P/E ratio of 48.92, a PEG ratio of 0.73 and a beta of 0.67. SBA Communications has a 1-year low of $183.64 and a 1-year high of $258.76.

SBA Communications Dividend Announcement

The firm 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 dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.69%. The ex-dividend date is Thursday, November 14th. SBA Communications’s payout ratio is currently 82.70%.

Analyst Upgrades and Downgrades

SBAC has been the subject of several analyst reports. Morgan Stanley upped 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. Raymond James raised their price objective on SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a report on Tuesday. The Goldman Sachs Group raised their price objective on SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Barclays raised their price objective on SBA Communications from $236.00 to $256.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, JPMorgan Chase & Co. raised their price objective on SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, SBA Communications currently has a consensus rating of “Moderate Buy” and an average target price of $257.23.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, Director George R. Krouse, Jr. sold 325 shares of SBA Communications stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the sale, the director now owns 8,084 shares of the company’s stock, valued at $1,775,084.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director George R. Krouse, Jr. sold 325 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the sale, the director now owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $242.86, for a total value 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 $1,213,814.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

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.