Alliancebernstein L.P. Has $33.69 Million Stock Position in SBA Communications Corporation $SBAC

Key Points

• Alliancebernstein L.P. increased its stake in SBA Communications by 13.4%, acquiring an additional 18,113 shares during the first quarter, totaling 153,109 shares valued at approximately $33.68 million.
• A recent analyst report saw Deutsche Bank downgrade SBA Communications from a "buy" to a "hold" rating, while other analysts set target prices ranging from $230.00 to $285.00, indicating a mixed outlook for the stock.
• SBA Communications declared a quarterly dividend of $1.11 per share, which will be paid on September 18th, reflecting an annualized dividend of $4.44 and a 2.2% dividend yield.

Alliancebernstein L.P. boosted its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 13.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 153,109 shares of the technology company's stock after acquiring an additional 18,113 shares during the quarter. Alliancebernstein L.P. owned 0.14% of SBA Communications worth $33,686,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SBAC. JPMorgan Chase & Co. increased its stake in SBA Communications by 40.3% in the first quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company's stock valued at $1,314,265,000 after acquiring an additional 1,715,541 shares during the last quarter. Dodge & Cox increased its stake in SBA Communications by 15.5% in the first quarter. Dodge & Cox now owns 8,485,264 shares of the technology company's stock valued at $1,866,843,000 after acquiring an additional 1,139,009 shares during the last quarter. Nuveen LLC bought a new position in SBA Communications in the first quarter valued at approximately $152,973,000. GAMMA Investing LLC increased its stake in SBA Communications by 30,393.6% in the first quarter. GAMMA Investing LLC now owns 370,497 shares of the technology company's stock valued at $81,513,000 after acquiring an additional 369,282 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in shares of SBA Communications by 394.0% during the first quarter. T. Rowe Price Investment Management Inc. now owns 402,237 shares of the technology company's stock worth $88,497,000 after buying an additional 320,819 shares during the last quarter. 97.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on SBAC. Citigroup reaffirmed an "outperform" rating on shares of SBA Communications in a research note on Tuesday, August 5th. Raymond James Financial set a $265.00 target price on shares of SBA Communications and gave the stock a "strong-buy" rating in a research note on Tuesday, August 5th. Scotiabank began coverage on shares of SBA Communications in a research note on Thursday, July 17th. They set a "sector perform" rating and a $252.00 target price on the stock. Deutsche Bank Aktiengesellschaft cut shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price on the stock. in a research note on Tuesday, May 20th. Finally, Wells Fargo & Company boosted their target price on shares of SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $256.38.

SBA Communications Trading Up 0.5%

SBAC stock traded up $0.92 during midday trading on Friday, hitting $200.36. The stock had a trading volume of 659,601 shares, compared to its average volume of 912,332. The firm has a market cap of $21.51 billion, a P/E ratio of 25.40, a price-to-earnings-growth ratio of 1.84 and a beta of 0.80. SBA Communications Corporation has a 1-year low of $186.81 and a 1-year high of $252.64. The business has a fifty day moving average price of $220.43 and a two-hundred day moving average price of $224.19.

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

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 21st will be issued a $1.11 dividend. The ex-dividend date is Thursday, August 21st. This represents a $4.44 annualized dividend and a yield of 2.2%. SBA Communications's payout ratio is presently 56.42%.

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.