SBA Communications (NASDAQ:SBAC) Trading Down 7.2% – What’s Next?

SBA Communications Corporation (NASDAQ:SBAC)’s share price fell 7.2% during mid-day trading on Monday . The company traded as low as $195.33 and last traded at $190.1030. 506,918 shares were traded during mid-day trading, a decline of 51% from the average session volume of 1,039,284 shares. The stock had previously closed at $204.79.

Analysts Set New Price Targets

SBAC has been the topic of several recent research reports. Sanford C. Bernstein initiated coverage on shares of SBA Communications in a research report on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 7th. Scotiabank lifted their price objective on shares of SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research report on Friday, May 1st. Barclays lifted their price objective on shares of SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings upgraded shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and an average price target of $237.22.

SBA Communications Trading Down 4.0%

The company has a market capitalization of $20.86 billion, a P/E ratio of 20.69, a P/E/G ratio of 2.04 and a beta of 0.99. The business’s 50-day simple moving average is $210.64 and its 200 day simple moving average is $196.44.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd will be given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, May 22nd. SBA Communications’s payout ratio is 52.63%.

Institutional Trading of SBA Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in SBAC. Elevation Wealth Partners LLC raised its position in shares of SBA Communications by 523.8% during the 4th quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock worth $25,000 after buying an additional 110 shares in the last quarter. DV Equities LLC acquired a new position in shares of SBA Communications in the 4th quarter worth approximately $29,000. Fulcrum Asset Management LLP purchased a new position in shares of SBA Communications in the third quarter worth approximately $32,000. Geneos Wealth Management Inc. increased its position in shares of SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after acquiring an additional 84 shares in the last quarter. Finally, High Point Wealth Management LLC purchased a new position in shares of SBA Communications in the fourth quarter worth approximately $39,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Company Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.