Morgan Stanley Cuts SBA Communications (NASDAQ:SBAC) Price Target to $215.00

SBA Communications (NASDAQ:SBAC) had its target price trimmed by Morgan Stanley from $225.00 to $215.00 in a research note released on Tuesday morning, Marketbeat reports. The brokerage currently has an equal weight rating on the technology company’s stock.

Other research analysts have also recently issued research reports about the stock. KeyCorp lifted their price target on shares of SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. The Goldman Sachs Group assumed coverage on SBA Communications in a research note on Friday, June 26th. They issued a “neutral” rating and a $205.00 price objective for the company. Wolfe Research raised SBA Communications from a “hold” rating to an “outperform” rating in a report on Tuesday. Royal Bank Of Canada lowered their target price on SBA Communications from $245.00 to $210.00 and set an “outperform” rating on the stock in a research report on Friday, July 10th. Finally, Citigroup reissued a “market perform” rating on shares of SBA Communications in a report on Tuesday. Eight equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, SBA Communications has an average rating of “Hold” and an average target price of $228.12.

SBA Communications Stock Up 2.4%

Shares of NASDAQ:SBAC opened at $182.60 on Tuesday. The stock has a market capitalization of $19.37 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 1.78 and a beta of 0.99. The firm’s 50 day moving average price is $187.75 and its 200-day moving average price is $194.47. SBA Communications has a twelve month low of $162.41 and a twelve month high of $225.33.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, August 3rd. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.02. SBA Communications had a net margin of 34.51% and a negative return on equity of 20.67%. The company had revenue of $715.27 million during the quarter, compared to analyst estimates of $706.01 million. During the same period in the previous year, the business posted $3.17 earnings per share. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. Analysts expect that SBA Communications will post 11.42 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, August 20th will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Thursday, August 20th. SBA Communications’s dividend payout ratio is presently 53.88%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SBAC. Jones Financial Companies Lllp boosted its holdings in SBA Communications by 272.8% in the 1st quarter. Jones Financial Companies Lllp now owns 753 shares of the technology company’s stock worth $166,000 after buying an additional 551 shares during the period. Empowered Funds LLC boosted its stake in shares of SBA Communications by 12.6% in the first quarter. Empowered Funds LLC now owns 2,041 shares of the technology company’s stock worth $449,000 after acquiring an additional 229 shares during the period. Focus Partners Wealth boosted its stake in shares of SBA Communications by 9.0% in the first quarter. Focus Partners Wealth now owns 3,236 shares of the technology company’s stock worth $712,000 after acquiring an additional 266 shares during the period. Geneos Wealth Management Inc. grew its position in shares of SBA Communications by 105.0% during the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after purchasing an additional 84 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in SBA Communications by 11.3% during the 2nd quarter. First Trust Advisors LP now owns 94,692 shares of the technology company’s stock valued at $22,238,000 after purchasing an additional 9,617 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

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.