SBA Communications (NASDAQ:SBAC) Releases Quarterly Earnings Results, Beats Expectations By $0.21 EPS

SBA Communications (NASDAQ:SBAC - Get Free Report) posted its quarterly earnings data on Monday. The technology company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.21, RTT News reports. The firm had revenue of $657.86 million for the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The company's quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.13 EPS. SBA Communications updated its FY24 guidance to $13.09-$13.46 EPS and its FY 2024 guidance to EPS.

SBA Communications Trading Down 7.8 %

Shares of NASDAQ SBAC traded down $15.77 during trading hours on Tuesday, reaching $186.12. The stock had a trading volume of 2,515,007 shares, compared to its average volume of 1,000,188. The firm has a market cap of $20.12 billion, a price-to-earnings ratio of 41.13, a PEG ratio of 1.21 and a beta of 0.56. SBA Communications has a fifty-two week low of $185.23 and a fifty-two week high of $263.08. The firm has a 50-day moving average of $209.91 and a 200-day moving average of $222.86.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd will be given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.11%. SBA Communications's dividend payout ratio (DPR) is presently 85.03%.

Analysts Set New Price Targets

SBAC has been the topic of several recent research reports. KeyCorp cut their price target on SBA Communications from $276.00 to $227.00 and set an "overweight" rating on the stock in a report on Tuesday. Bank of America upgraded SBA Communications from a "neutral" rating to a "buy" rating and set a $260.00 price target on the stock in a report on Thursday, March 7th. TD Cowen cut their price target on SBA Communications from $266.00 to $253.00 and set a "buy" rating on the stock in a report on Tuesday. BMO Capital Markets cut their price target on SBA Communications from $285.00 to $265.00 and set an "outperform" rating on the stock in a report on Tuesday, February 27th. Finally, Citigroup cut their price target on SBA Communications from $290.00 to $260.00 and set a "buy" rating on the stock in a report on Tuesday. One 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 presently has an average rating of "Buy" and a consensus price target of $258.23.

Insider Activity at SBA Communications

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

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.