Canada Pension Plan Investment Board Lowers Stock Holdings in SBA Communications Corporation $SBAC

Key Points

• The Canada Pension Plan Investment Board significantly reduced its stake in SBA Communications Corporation by 76.2%, now holding 67,620 shares worth approximately $14.9 million.
• SBA Communications reported better-than-expected quarterly earnings with an EPS of $3.17, surpassing analysts' estimates and showing a 5.8% increase in revenue year-over-year.
• The company announced a quarterly dividend of $1.11 per share, translating to an annualized yield of 2.2%, and its dividend payout ratio stands at 56.42%.

Canada Pension Plan Investment Board trimmed its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 76.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 67,620 shares of the technology company's stock after selling 216,685 shares during the quarter. Canada Pension Plan Investment Board owned 0.06% of SBA Communications worth $14,877,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of SBA Communications by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 17,666,669 shares of the technology company's stock worth $3,886,844,000 after buying an additional 268,018 shares during the period. Dodge & Cox raised its position in shares of SBA Communications by 15.5% in the 1st quarter. Dodge & Cox now owns 8,485,264 shares of the technology company's stock worth $1,866,843,000 after acquiring an additional 1,139,009 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of SBA Communications by 40.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company's stock worth $1,314,265,000 after acquiring an additional 1,715,541 shares in the last quarter. Deutsche Bank AG raised its position in shares of SBA Communications by 5.9% in the 4th quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock worth $491,549,000 after acquiring an additional 134,624 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. raised its position in shares of SBA Communications by 7.3% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company's stock worth $439,310,000 after acquiring an additional 135,682 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Up 1.3%

Shares of SBA Communications stock traded up $2.57 during mid-day trading on Friday, reaching $197.74. 1,863,233 shares of the stock traded hands, compared to its average volume of 955,243. SBA Communications Corporation has a fifty-two week low of $192.55 and a fifty-two week high of $252.64. The stock has a market capitalization of $21.23 billion, a PE ratio of 25.13, a PEG ratio of 1.85 and a beta of 0.80. The business has a 50-day moving average of $223.83 and a 200 day moving average of $224.66.

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

SBA Communications Dividend Announcement

The business also recently declared 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. This represents a $4.44 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is currently 56.42%.

Analyst Ratings Changes

SBAC has been the subject of several recent research reports. Barclays boosted their price target on SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Bank of America downgraded SBA Communications from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $260.00 to $230.00 in a research note on Wednesday, August 27th. Raymond James Financial set a $265.00 target price on SBA Communications and gave the stock a "strong-buy" rating in a research note on Tuesday, August 5th. Wells Fargo & Company upped their target price on SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 5th. Finally, Citigroup restated an "outperform" rating on shares of SBA Communications in a research note on Tuesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $256.38.

About SBA Communications

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.