DoubleLine ETF Adviser LP Sells 1,502 Shares of SBA Communications Corporation $SBAC

Key Points

• DoubleLine ETF Adviser LP reduced its holdings in SBA Communications by 19.4%, selling 1,502 shares, leaving them with a total of 6,236 shares valued at approximately $1.37 million.
• SBA Communications reported a quarterly EPS of $3.17, exceeding analysts' expectations, and its quarterly revenue increased by 5.8% year-over-year.
• The company also announced a quarterly dividend of $1.11 per share, set to be paid in September, with a dividend yield of 2.2%.

DoubleLine ETF Adviser LP lessened its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 19.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,236 shares of the technology company's stock after selling 1,502 shares during the period. DoubleLine ETF Adviser LP's holdings in SBA Communications were worth $1,372,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SBAC. Independence Bank of Kentucky purchased a new position in shares of SBA Communications during the 1st quarter valued at $28,000. Stone House Investment Management LLC purchased a new position in shares of SBA Communications during the 1st quarter valued at $33,000. Allworth Financial LP boosted 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 worth $36,000 after acquiring an additional 62 shares during the period. NBC Securities Inc. boosted 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 worth $44,000 after acquiring an additional 189 shares during the period. Finally, Zions Bancorporation National Association UT bought a new position in shares of SBA Communications in the first quarter worth $47,000. Hedge funds and other institutional investors own 97.35% of the company's stock.

SBA Communications Stock Up 1.3%

NASDAQ:SBAC traded up $2.57 during trading hours on Friday, hitting $197.74. 1,863,233 shares of the company's stock traded hands, compared to its average volume of 955,243. The firm has a market cap of $21.23 billion, a P/E ratio of 25.13, a P/E/G ratio of 1.88 and a beta of 0.80. SBA Communications Corporation has a 52 week low of $192.55 and a 52 week high of $252.64. The business's fifty day simple moving average is $223.83 and its two-hundred day simple moving average is $224.78.

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

SBA Communications Dividend Announcement

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

Analysts Set New Price Targets

SBAC has been the subject of a number of analyst reports. Wells Fargo & Company raised their price target on SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 5th. Bank of America lowered SBA Communications from a "buy" rating to a "neutral" rating and cut their price target for the stock from $260.00 to $230.00 in a report on Wednesday, August 27th. Citigroup reaffirmed an "outperform" rating on shares of SBA Communications in a report on Tuesday, August 5th. Barclays raised their price target on SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Finally, Morgan Stanley raised their price target on SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average 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.