Concentric Capital Strategies LP Acquires Shares of 4,239 SBA Communications Corporation $SBAC

Key Points

• Concentric Capital Strategies LP acquired 4,239 shares of SBA Communications Corporation valued at approximately $933,000 in the first quarter of the year.
• SBA Communications reported earnings per share of $3.17 for the last quarter, exceeding analysts' estimates, with a revenue of $698.98 million, which was above expectations.
• The company announced a quarterly dividend of $1.11 per share, with a payout ratio of 56.42% and a dividend yield of 2.3%.

Concentric Capital Strategies LP purchased a new position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,239 shares of the technology company's stock, valued at approximately $933,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SBAC. Mercer Global Advisors Inc. ADV boosted its position in SBA Communications by 89.4% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 5,922 shares of the technology company's stock worth $1,207,000 after acquiring an additional 2,795 shares during the last quarter. AXA S.A. raised its stake in shares of SBA Communications by 17.4% in the 4th quarter. AXA S.A. now owns 13,100 shares of the technology company's stock valued at $2,670,000 after acquiring an additional 1,939 shares during the period. BNP Paribas Financial Markets increased its stake in SBA Communications by 47.9% during the 4th quarter. BNP Paribas Financial Markets now owns 251,848 shares of the technology company's stock worth $51,327,000 after buying an additional 81,570 shares during the period. Baird Financial Group Inc. increased its position in shares of SBA Communications by 25.2% during the fourth quarter. Baird Financial Group Inc. now owns 2,445 shares of the technology company's stock worth $498,000 after acquiring an additional 492 shares during the period. Finally, Captrust Financial Advisors increased its position in shares of SBA Communications by 56.0% during the fourth quarter. Captrust Financial Advisors now owns 6,738 shares of the technology company's stock worth $1,373,000 after acquiring an additional 2,420 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft downgraded shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective on the stock. in a research report on Tuesday, May 20th. Morgan Stanley raised their target price on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Bank of America cut shares of SBA Communications from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $260.00 to $230.00 in a research note on Wednesday, August 27th. Wells Fargo & Company raised their price objective on shares of SBA Communications from $225.00 to $235.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 5th. Finally, JMP Securities set a $280.00 target price on shares of SBA Communications and gave the company a "market outperform" rating in a report on Tuesday, August 5th. Two equities research 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's stock. According to data from MarketBeat, SBA Communications presently has a consensus rating of "Moderate Buy" and an average target price of $256.38.

SBA Communications Trading Up 0.9%

SBAC traded up $1.67 during trading on Wednesday, hitting $193.14. 314,124 shares of the company's stock were exchanged, compared to its average volume of 902,800. The stock has a 50 day moving average price of $222.02 and a 200 day moving average price of $224.50. The firm has a market cap of $20.74 billion, a P/E ratio of 24.54, a price-to-earnings-growth ratio of 1.82 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.

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

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st will be given a dividend of $1.11 per share. The ex-dividend date is Thursday, August 21st. This represents a $4.44 annualized dividend and a dividend yield of 2.3%. SBA Communications's dividend payout ratio is currently 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.