Morgan Stanley Boosts SBA Communications (NASDAQ:SBAC) Price Target to $252.00

SBA Communications (NASDAQ:SBAC) had its target price upped by Morgan Stanley from $232.00 to $252.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other equities analysts also recently issued reports on SBAC. KeyCorp increased their price objective on shares of SBA Communications from $227.00 to $230.00 and gave the company an overweight rating in a report on Tuesday, July 30th. Royal Bank of Canada lifted their price objective on SBA Communications from $235.00 to $245.00 and gave the stock an outperform rating in a report on Monday, August 5th. StockNews.com cut SBA Communications from a buy rating to a hold rating in a report on Thursday, September 12th. BMO Capital Markets dropped their price target on SBA Communications from $250.00 to $245.00 and set an outperform rating for the company in a research report on Tuesday, July 30th. Finally, Wells Fargo & Company downgraded SBA Communications from an overweight rating to an equal weight rating and reduced their price objective for the company from $230.00 to $220.00 in a research note on Monday, July 15th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $240.00.

SBA Communications Stock Performance

SBAC opened at $239.47 on Wednesday. The company has a fifty day moving average of $224.12 and a two-hundred day moving average of $209.29. The stock has a market capitalization of $25.73 billion, a price-to-earnings ratio of 46.95, a PEG ratio of 0.75 and a beta of 0.67. SBA Communications has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, July 29th. The technology company reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The business had revenue of $660.50 million during the quarter, compared to analysts’ expectations of $665.21 million. During the same quarter last year, the firm earned $3.24 earnings per share. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. On average, equities research analysts forecast that SBA Communications will post 12.53 earnings per share for the current year.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd were paid a $0.98 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $3.92 annualized dividend and a dividend yield of 1.64%. SBA Communications’s dividend payout ratio (DPR) is 76.86%.

Insider Activity

In related news, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the transaction, the chairman now directly owns 109,583 shares in the company, valued at $24,328,521.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director George R. Krouse, Jr. sold 325 shares of the 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 transaction, the director now owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Jeffrey Stoops sold 49,765 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the sale, the chairman now directly owns 109,583 shares in the company, valued at approximately $24,328,521.83. 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 company insiders.

Institutional Investors Weigh In On SBA Communications

A number of institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. grew its position in 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 acquiring an additional 1,524,302 shares in the last quarter. Norges Bank acquired a new position in shares of SBA Communications in the fourth quarter valued at approximately $286,079,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in SBA Communications during the 2nd quarter worth approximately $134,738,000. Long Pond Capital LP acquired a new stake in SBA Communications during the 2nd quarter worth approximately $83,687,000. Finally, The Manufacturers Life Insurance Company boosted its position in SBA Communications by 111.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 734,795 shares of the technology company’s stock valued at $186,410,000 after buying an additional 387,855 shares during the period. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Company Profile

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.