Citigroup Trims SBA Communications (NASDAQ:SBAC) Target Price to $260.00

SBA Communications (NASDAQ:SBAC) had its price objective cut by Citigroup from $290.00 to $260.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other research firms have also recently commented on SBAC. BMO Capital Markets decreased their price objective on SBA Communications from $285.00 to $265.00 and set an outperform rating on the stock in a report on Tuesday, February 27th. TD Cowen decreased their target price 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 dropped their price target on shares of SBA Communications from $276.00 to $227.00 and set an overweight rating for the company in a research report on Tuesday. Barclays decreased their price objective on shares of SBA Communications from $255.00 to $241.00 and set an overweight rating on the stock in a report on Tuesday. Finally, Bank of America raised 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. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Buy and a consensus price target of $258.23.

SBA Communications Price Performance

SBA Communications stock traded down $0.78 during trading on Tuesday, reaching $193.09. 1,072,789 shares of the company were exchanged, compared to its average volume of 1,010,062. The stock’s 50 day simple moving average is $208.78 and its two-hundred day simple moving average is $222.32. The company has a market capitalization of $20.87 billion, a P/E ratio of 37.86, a PEG ratio of 1.16 and a beta of 0.59. SBA Communications has a 52-week low of $183.64 and a 52-week high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.21 by $0.21. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The business had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same quarter in the previous year, the firm earned $3.13 EPS. The company’s quarterly revenue was down 2.6% compared to the same quarter last year. As a group, equities analysts forecast that SBA Communications will post 12.61 earnings per share for the current year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd will be issued a dividend of $0.98 per share. The ex-dividend date is Wednesday, May 22nd. This represents a $3.92 annualized dividend and a yield of 2.03%. SBA Communications’s dividend payout ratio (DPR) is 76.86%.

Insider Activity

In related news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total transaction of $430,966.23. Following the sale, the director now directly owns 4,622 shares in the company, valued at $1,007,549.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Easterly Investment Partners LLC purchased a new stake in SBA Communications during the first quarter worth approximately $1,412,000. BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of SBA Communications by 14.6% during 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 buying an additional 650 shares during the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of SBA Communications during the 1st quarter worth approximately $125,000. FORA Capital LLC acquired a new position in shares of SBA Communications in the 1st quarter valued at $4,872,000. Finally, Nordea Investment Management AB grew its position in shares of SBA Communications by 28.8% in the 1st quarter. Nordea Investment Management AB now owns 350,533 shares of the technology company’s stock valued at $76,486,000 after buying an additional 78,468 shares during the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

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.