SBA Communications (NASDAQ:SBAC) Issues FY24 Earnings Guidance

SBA Communications (NASDAQ:SBAC) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $13.09-$13.46 for the period, compared to the consensus estimate of $13.35. The company issued revenue guidance of $2.657-$2.697 billion, compared to the consensus revenue estimate of $2.69 billion. SBA Communications also updated its FY 2024 guidance to EPS.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SBAC shares. TD Cowen dropped their price target on SBA Communications from $266.00 to $253.00 and set a buy rating for the company in a report on Tuesday. BMO Capital Markets dropped their target price on SBA Communications from $285.00 to $265.00 and set an outperform rating for the company in a report on Tuesday, February 27th. Barclays decreased their price target on shares of SBA Communications from $255.00 to $241.00 and set an overweight rating on the stock in a research note on Tuesday. KeyCorp dropped their price objective on shares of SBA Communications from $276.00 to $227.00 and set an overweight rating for the company in a research note on Tuesday. Finally, Bank of America upgraded shares of SBA Communications from a neutral rating to a buy rating and set a $260.00 target price on the stock in a research report on Thursday, March 7th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average price target of $258.23.

SBA Communications Stock Up 1.6 %

SBAC opened at $189.12 on Thursday. SBA Communications has a twelve month low of $183.64 and a twelve month high of $258.76. The company has a fifty day moving average of $209.12 and a 200-day moving average of $222.52. The stock has a market cap of $20.45 billion, a PE ratio of 37.08, a price-to-earnings-growth ratio of 1.14 and a beta of 0.59.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The firm had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. During the same period last year, the business posted $3.13 EPS. The business’s revenue was down 2.6% compared to the same quarter last year. Sell-side analysts anticipate that SBA Communications will post 12.61 EPS for the current fiscal year.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd will be paid a $0.98 dividend. The ex-dividend date of this dividend is Wednesday, May 22nd. This represents a $3.92 annualized dividend and a dividend yield of 2.07%. SBA Communications’s dividend payout ratio is currently 76.86%.

Insiders Place Their Bets

In related news, Director Mary S. Chan sold 1,977 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate 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.