Lansforsakringar Fondforvaltning AB publ Trims Holdings in SBA Communications Corporation $SBAC

Key Points

• Lansforsakringar Fondforvaltning AB has reduced its stake in SBA Communications Corporation by 9.7%, now holding 33,009 shares valued at approximately $7.26 million.
• SBA Communications recently beat earnings estimates for the quarter, reporting earnings of $3.17 per share and revenue of $698.98 million, exceeding analyst expectations.
• The company declared a quarterly dividend of $1.11 per share, which will be paid on September 18th, representing an annualized yield of 2.2%.

Lansforsakringar Fondforvaltning AB publ cut its holdings in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 9.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 33,009 shares of the technology company's stock after selling 3,554 shares during the quarter. Lansforsakringar Fondforvaltning AB publ's holdings in SBA Communications were worth $7,262,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Ieq Capital LLC raised its stake in SBA Communications by 52.3% in the first quarter. Ieq Capital LLC now owns 37,158 shares of the technology company's stock valued at $8,175,000 after buying an additional 12,756 shares during the last quarter. Warwick Investment Management Inc. acquired a new position in shares of SBA Communications in the first quarter valued at about $203,000. Synovus Financial Corp increased its holdings in shares of SBA Communications by 17.2% in the first quarter. Synovus Financial Corp now owns 15,482 shares of the technology company's stock valued at $3,406,000 after purchasing an additional 2,269 shares during the period. Walleye Capital LLC increased its holdings in shares of SBA Communications by 15.3% in the first quarter. Walleye Capital LLC now owns 77,320 shares of the technology company's stock valued at $17,011,000 after purchasing an additional 10,273 shares during the period. Finally, Dodge & Cox increased its holdings in shares of SBA Communications by 15.5% in the first quarter. Dodge & Cox now owns 8,485,264 shares of the technology company's stock valued at $1,866,843,000 after purchasing an additional 1,139,009 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. JMP Securities set a $280.00 price objective on SBA Communications and gave the company a "market outperform" rating in a report on Tuesday, August 5th. Scotiabank began coverage on SBA Communications in a report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 target price on the stock. Barclays raised their target price on SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Citigroup reaffirmed an "outperform" rating on shares of SBA Communications in a report on Tuesday, August 5th. Finally, UBS Group raised their target price on SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $256.38.

SBA Communications Trading Down 2.8%

SBAC traded down $5.66 during trading on Thursday, hitting $193.65. The company's stock had a trading volume of 1,210,977 shares, compared to its average volume of 876,856. The firm has a market capitalization of $20.79 billion, a price-to-earnings ratio of 24.61, a P/E/G ratio of 1.94 and a beta of 0.80. The business's fifty day simple moving average is $225.21 and its 200 day simple moving average is $224.79. SBA Communications Corporation has a twelve month low of $192.55 and a twelve month high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released 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 business had revenue of $698.98 million for 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 business's quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the business posted $3.29 earnings per share. SBA Communications has set its FY 2025 guidance at EPS. As a group, equities research 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 announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st will be given a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is 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.