SBA Communications (NASDAQ:SBAC) Price Target Raised to $240.00

SBA Communications (NASDAQ:SBAC) had its target price boosted by BMO Capital Markets from $230.00 to $240.00 in a report released on Tuesday,Benzinga reports. BMO Capital Markets currently has a market perform rating on the technology company’s stock.

Several other equities analysts have also issued reports on SBAC. Citizens Jmp raised SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Morgan Stanley initiated coverage on shares of SBA Communications in a research report on Tuesday, April 1st. They set an “equal weight” rating and a $240.00 price target on the stock. JMP Securities initiated coverage on shares of SBA Communications in a report on Monday, January 27th. They issued an “outperform” rating and a $250.00 price objective for the company. Wells Fargo & Company increased their target price on shares of SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $255.00 price target on shares of SBA Communications in a research note on Monday, February 24th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $252.38.

SBA Communications Stock Down 1.1 %

Shares of NASDAQ SBAC opened at $240.74 on Tuesday. The business’s 50 day moving average is $221.19 and its two-hundred day moving average is $216.71. SBA Communications has a 52-week low of $185.44 and a 52-week high of $252.64. The firm has a market cap of $25.91 billion, a price-to-earnings ratio of 37.97, a PEG ratio of 0.74 and a beta of 0.83.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd will be paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Thursday, May 22nd. SBA Communications’s dividend payout ratio is presently 60.91%.

Insider Transactions at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the sale, the vice president now owns 6,079 shares in the company, valued at $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.92% of the company’s stock.

Institutional Trading of SBA Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Evermay Wealth Management LLC purchased a new position in shares of SBA Communications in the 4th quarter valued at $27,000. Independence Bank of Kentucky purchased a new stake in SBA Communications in the first quarter valued at $28,000. Graney & King LLC acquired a new position in SBA Communications in the fourth quarter valued at $29,000. Allworth Financial LP grew its holdings in shares of SBA Communications by 62.0% during the first quarter. Allworth Financial LP now owns 162 shares of the technology company’s stock worth $36,000 after purchasing an additional 62 shares during the last quarter. Finally, NBC Securities Inc. increased its position in shares of SBA Communications by 1,575.0% during the first quarter. NBC Securities Inc. now owns 201 shares of the technology company’s stock worth $44,000 after purchasing an additional 189 shares in the last quarter. Institutional investors and hedge funds own 97.35% 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.