Dodge & Cox Raises Stock Position in SBA Communications Corporation $SBAC

Key Points

• Dodge & Cox increased its stake in SBA Communications by 15.5%, holding over 8.48 million shares valued at approximately $1.87 billion.
• Several analysts upgraded their ratings for SBA Communications, with Barclays raising its price target to $257 and Bank of America setting a target of $260.
• The company recently announced a quarterly dividend of $1.11 per share, which indicates a 2.0% yield based on its current stock price.

Dodge & Cox raised its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 15.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,485,264 shares of the technology company's stock after buying an additional 1,139,009 shares during the quarter. Dodge & Cox owned about 7.88% of SBA Communications worth $1,866,843,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of SBAC. Independence Bank of Kentucky purchased a new stake in shares of SBA Communications during the first quarter worth $28,000. Stone House Investment Management LLC purchased a new stake in shares of SBA Communications in the first quarter valued at about $33,000. Allworth Financial LP grew its holdings in shares of SBA Communications by 62.0% in the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after purchasing an additional 62 shares during the period. NBC Securities Inc. grew its holdings in shares of SBA Communications by 1,575.0% in the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after purchasing an additional 189 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of SBA Communications in the first quarter valued at about $47,000. Hedge funds and other institutional investors own 97.35% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on SBAC. BMO Capital Markets upped their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a report on Tuesday, April 29th. Barclays lifted their target price on shares of SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Bank of America assumed coverage on SBA Communications in a research note on Monday, May 19th. They set a "buy" rating and a $260.00 price target on the stock. 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, Raymond James Financial set a $265.00 price objective on shares of SBA Communications and gave the company a "strong-buy" rating in a research note on Tuesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, SBA Communications presently has a consensus rating of "Moderate Buy" and an average price target of $258.25.

SBA Communications Stock Up 0.9%

Shares of NASDAQ:SBAC opened at $222.87 on Friday. The firm's 50 day moving average price is $228.85 and its 200 day moving average price is $224.70. The stock has a market cap of $23.93 billion, a price-to-earnings ratio of 28.32, a price-to-earnings-growth ratio of 2.03 and a beta of 0.77. SBA Communications Corporation has a fifty-two week low of $192.55 and a fifty-two week high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued 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. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The firm had revenue of $698.98 million for the quarter, compared to analysts' expectations of $670.73 million. During the same quarter last year, the company earned $3.29 earnings per share. The firm's revenue was up 5.8% compared to the same quarter last year. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st will be issued a dividend of $1.11 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $4.44 dividend on an annualized basis and a yield of 2.0%. SBA Communications's dividend payout ratio (DPR) is presently 56.42%.

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.

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