Allstate Corp Boosts Stock Position in SBA Communications Corporation $SBAC

Key Points

• Allstate Corp has increased its stake in SBA Communications by 37.3%, owning a total of 4,383 shares worth $964,000 as of its latest SEC filing.
• SBA Communications reported quarterly earnings of $3.17 EPS, surpassing analysts' expectations by $0.07, and a revenue of $698.98 million, up 5.8% year-over-year.
• The company declared a quarterly dividend of $1.11, equating to an annualized dividend of $4.44 and a yield of 2.0%.

Allstate Corp boosted its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 37.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,383 shares of the technology company's stock after purchasing an additional 1,191 shares during the quarter. Allstate Corp's holdings in SBA Communications were worth $964,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Independence Bank of Kentucky bought a new stake in shares of SBA Communications in the first quarter valued at about $28,000. Stone House Investment Management LLC bought a new stake in shares of SBA Communications in the first quarter valued at approximately $33,000. Allworth Financial LP lifted its stake in 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. NBC Securities Inc. lifted its stake in shares of SBA Communications by 1,575.0% in the 1st quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after acquiring an additional 189 shares during the last quarter. Finally, Summit Securities Group LLC bought a new position in shares of SBA Communications in the 1st quarter valued at $47,000. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Stock Down 0.6%

NASDAQ:SBAC traded down $1.19 during midday trading on Friday, hitting $204.85. The company had a trading volume of 1,350,775 shares, compared to its average volume of 942,862. SBA Communications Corporation has a 52-week low of $192.55 and a 52-week high of $252.64. The stock's fifty day moving average price is $227.15 and its 200-day moving average price is $225.02. The company has a market capitalization of $22.00 billion, a PE ratio of 26.03, a P/E/G ratio of 1.94 and a beta of 0.77.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly 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. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The business had revenue of $698.98 million during the quarter, compared to analyst estimates of $670.73 million. During the same period in the prior year, the business posted $3.29 earnings per share. The company's revenue was up 5.8% on a year-over-year basis. SBA Communications has set its FY 2025 guidance at EPS. As a group, research analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.2%. SBA Communications's payout ratio is 56.42%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SBAC shares. Morgan Stanley raised their target price on SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Bank of America cut shares of SBA Communications from a "buy" rating to a "neutral" rating and dropped their price target for the company from $260.00 to $230.00 in a research report on Wednesday. Deutsche Bank Aktiengesellschaft cut shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target on the stock. in a research report on Tuesday, May 20th. Citigroup reissued an "outperform" rating on shares of SBA Communications in a research report on Tuesday, August 5th. Finally, Wells Fargo & Company lifted 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 report on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, SBA Communications has a consensus rating of "Moderate Buy" and a consensus target price of $256.38.

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.