SBA Communications (NASDAQ:SBAC) Sets New 52-Week Low - Here's What Happened

Key Points

• SBA Communications' stock reached a new 52-week low, trading at $185.45 before closing at $188.12.
• Analysts have adjusted their price targets, with Royal Bank of Canada lowering it to $235.00 and Barclays to $226.00, while UBS Group raised it to $285.00.
• The company announced a quarterly dividend of $1.11 per share, translating to an annual yield of 2.4%.

SBA Communications Corporation (NASDAQ:SBAC - Get Free Report)'s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $185.45 and last traded at $188.12, with a volume of 997946 shares. The stock had previously closed at $189.10.

Analyst Ratings Changes

Several brokerages recently issued reports on SBAC. Citigroup restated an "outperform" rating on shares of SBA Communications in a research note on Tuesday, August 5th. Royal Bank Of Canada lowered their price target on SBA Communications from $255.00 to $235.00 and set an "outperform" rating on the stock in a research note on Thursday, October 2nd. Barclays lowered their price target on SBA Communications from $257.00 to $226.00 and set an "overweight" rating on the stock in a research note on Monday, September 15th. KeyCorp lowered their price target on SBA Communications from $280.00 to $235.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 17th. Finally, UBS Group boosted their price target on SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $249.07.

SBA Communications Stock Down 0.5%

The business has a fifty day simple moving average of $203.68 and a two-hundred day simple moving average of $220.44. The company has a market capitalization of $20.20 billion, a price-to-earnings ratio of 23.90, a P/E/G ratio of 1.99 and a beta of 0.82.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share for the quarter, beating analysts' consensus estimates of $3.10 by $0.07. The company had revenue of $698.98 million for the quarter, compared to the consensus estimate of $670.73 million. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The company's quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the business earned $3.29 earnings per share. SBA Communications has set its FY 2025 guidance at EPS. As a group, equities analysts predict that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st were issued a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Thursday, August 21st. SBA Communications's payout ratio is presently 56.42%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of SBA Communications by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 17,760,251 shares of the technology company's stock worth $4,170,817,000 after acquiring an additional 93,582 shares in the last quarter. Dodge & Cox boosted its holdings in shares of SBA Communications by 1.5% in the 2nd quarter. Dodge & Cox now owns 8,608,494 shares of the technology company's stock worth $2,021,619,000 after acquiring an additional 123,230 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of SBA Communications by 40.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company's stock worth $1,314,265,000 after acquiring an additional 1,715,541 shares in the last quarter. State Street Corp boosted its holdings in shares of SBA Communications by 0.5% in the 2nd quarter. State Street Corp now owns 4,613,181 shares of the technology company's stock worth $1,083,359,000 after acquiring an additional 24,793 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its holdings in shares of SBA Communications by 7.3% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company's stock worth $439,310,000 after acquiring an additional 135,682 shares in 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.