Hsbc Holdings PLC Cuts Stake in SBA Communications Corporation $SBAC

Key Points

• Hsbc Holdings PLC reduced its stake in SBA Communications Corporation by 6.5% during the first quarter, now owning approximately 0.18% of the company, valued at $42.5 million.
• SBA Communications reported a quarterly earnings per share of $3.17, exceeding analyst estimates, with revenue increasing by 5.8% year-over-year to $698.98 million.
• The company announced a quarterly dividend of $1.11 per share, resulting in an annualized dividend yield of 2.0%, payable on September 18th.

Hsbc Holdings PLC cut its holdings in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 6.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 193,514 shares of the technology company's stock after selling 13,359 shares during the quarter. Hsbc Holdings PLC owned approximately 0.18% of SBA Communications worth $42,485,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Financial Advisors Network Inc. purchased a new stake in shares of SBA Communications in the 1st quarter worth about $2,561,000. Wellington Management Group LLP grew its position in shares of SBA Communications by 13.1% in the 1st quarter. Wellington Management Group LLP now owns 260,594 shares of the technology company's stock worth $57,333,000 after buying an additional 30,137 shares during the period. Northern Trust Corp grew its position in shares of SBA Communications by 1.1% in the 1st quarter. Northern Trust Corp now owns 1,222,279 shares of the technology company's stock worth $268,914,000 after buying an additional 13,489 shares during the period. Mill Creek Capital Advisors LLC grew its position in shares of SBA Communications by 8.3% in the 1st quarter. Mill Creek Capital Advisors LLC now owns 2,265 shares of the technology company's stock worth $498,000 after buying an additional 174 shares during the period. Finally, Summit Securities Group LLC purchased a new stake in shares of SBA Communications in the 1st quarter worth about $47,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Trading Down 4.2%

NASDAQ SBAC traded down $9.26 on Wednesday, reaching $209.58. 653,861 shares of the stock were exchanged, compared to its average volume of 857,345. SBA Communications Corporation has a one year low of $192.55 and a one year high of $252.64. The firm has a market capitalization of $22.50 billion, a PE ratio of 26.61, a PEG ratio of 2.04 and a beta of 0.77. The company's 50-day simple moving average is $228.49 and its two-hundred day simple moving average is $225.05.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its earnings results on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $698.98 million for the quarter, compared to analysts' expectations of $670.73 million. During the same quarter last year, the business earned $3.29 EPS. 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. Sell-side analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

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. This represents a $4.44 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is 56.42%.

Analyst Ratings Changes

SBAC has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft downgraded shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price on the stock. in a research report on Tuesday, May 20th. Wells Fargo & Company increased 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 report on Tuesday, August 5th. JMP Securities set a $280.00 price objective on shares of SBA Communications and gave the company a "market outperform" rating in a research report on Tuesday, August 5th. Bank of America downgraded shares of SBA Communications from a "buy" rating to a "neutral" rating and cut their price objective for the company from $260.00 to $230.00 in a research report on Wednesday. Finally, BMO Capital Markets upped their target price on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research note on Tuesday, April 29th. Two 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 stock. According to data from MarketBeat.com, the stock presently 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.