Mizuho Securities USA LLC Reduces Stake in SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Mizuho Securities USA LLC reduced its stake in SBA Communications Corporation by 15.5%, owning 8,609 shares worth approximately $1.89 million after selling 1,582 shares.
• SBA Communications reported a quarterly earnings per share of $3.17, exceeding estimates, and its revenue increased by 5.8% year-over-year to $698.98 million.
• The company announced a quarterly dividend of $1.11, which equates to an annualized payment of $4.44 and a dividend yield of 2.0%.

Mizuho Securities USA LLC trimmed its stake 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 and Exchange Commission (SEC). The fund owned 8,609 shares of the technology company's stock after selling 1,582 shares during the quarter. Mizuho Securities USA LLC's holdings in SBA Communications were worth $1,894,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Independence Bank of Kentucky purchased a new position in shares of SBA Communications during the first quarter valued at approximately $28,000. Allworth Financial LP boosted its position in shares of SBA Communications by 62.0% during the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after buying an additional 62 shares during the last quarter. NBC Securities Inc. boosted its position in shares of SBA Communications by 1,575.0% during the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after buying an additional 189 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of SBA Communications during the first quarter valued at approximately $47,000. Finally, Wayfinding Financial LLC purchased a new position in SBA Communications in the first quarter worth $51,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Price Performance

NASDAQ SBAC traded up $3.03 during trading on Friday, reaching $219.94. The company's stock had a trading volume of 791,328 shares, compared to its average volume of 848,663. The stock has a market capitalization of $23.63 billion, a PE ratio of 27.95, a P/E/G ratio of 1.99 and a beta of 0.77. The firm has a fifty day moving average of $229.43 and a 200 day moving average of $223.92. SBA Communications Corporation has a one year low of $192.55 and a one year high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, beating the consensus estimate of $3.10 by $0.07. The firm had revenue of $698.98 million for 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 company's revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the company earned $3.29 EPS. Research analysts expect that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently disclosed 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 2.0%. SBA Communications's dividend payout ratio is 56.42%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SBAC. Morgan Stanley boosted their price objective on SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. BMO Capital Markets boosted their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a research report on Tuesday, April 29th. Citigroup reissued an "outperform" rating on shares of SBA Communications in a research report on Tuesday, August 5th. Scotiabank began coverage on SBA Communications in a research report on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft cut 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. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $258.25.

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.