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

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

Analyst Ratings Changes

SBAC has been the subject of a number of research reports. Sanford C. Bernstein initiated coverage on SBA Communications in a research note on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price objective for the company. Royal Bank Of Canada lifted their target price on SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. Wells Fargo & Company boosted their target price on SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a report on Tuesday, April 7th. Morgan Stanley increased their price target on SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a report on Thursday, April 9th. Finally, Truist Financial reiterated a “buy” rating and issued a $248.00 price objective (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $237.22.

SBA Communications Price Performance

The stock has a market cap of $20.32 billion, a PE ratio of 20.17, a PEG ratio of 1.96 and a beta of 0.99. The company has a 50-day simple moving average of $210.31 and a 200-day simple moving average of $196.46.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, May 22nd. SBA Communications’s payout ratio is 52.63%.

Hedge Funds Weigh In On SBA Communications

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

About SBA Communications

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.