New York State Teachers Retirement System Has $22.64 Million Stake in SBA Communications Corporation $SBAC

Key Points

• The New York State Teachers Retirement System reduced its stake in SBA Communications Corporation by 9.4% in Q2, now holding approximately $22.64 million worth of shares.
• Analyst ratings for SBA Communications show a consensus of "Moderate Buy" with an average target price of $243.73, following multiple price adjustments from various financial institutions.
• SBA Communications recently reported earnings per share (EPS) of $3.17 for the last quarter, surpassing estimates, while also declaring a quarterly dividend of $1.11, yielding 2.3% annually.

New York State Teachers Retirement System decreased its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 9.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 96,397 shares of the technology company's stock after selling 10,051 shares during the period. New York State Teachers Retirement System owned about 0.09% of SBA Communications worth $22,638,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stone House Investment Management LLC acquired a new position in SBA Communications in the 1st quarter worth approximately $33,000. Allworth Financial LP boosted its stake in shares of SBA Communications by 62.0% during the 1st 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 period. Geneos Wealth Management Inc. boosted its stake in shares of SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock valued at $36,000 after buying an additional 84 shares during the period. Zions Bancorporation National Association UT acquired a new stake in shares of SBA Communications during the 1st quarter valued at $47,000. Finally, Summit Securities Group LLC acquired a new stake in shares of SBA Communications during the 1st quarter valued at $47,000. Institutional investors and hedge funds own 97.35% of the company's stock.

Analyst Ratings Changes

SBAC has been the subject of a number of research reports. KeyCorp decreased their target price on shares of SBA Communications from $280.00 to $235.00 and set an "overweight" rating for the company in a research note on Wednesday, September 17th. Scotiabank initiated coverage on shares of SBA Communications in a research note on Thursday, July 17th. They set a "sector perform" rating and a $252.00 target price for the company. Royal Bank Of Canada decreased their target price on shares of SBA Communications from $255.00 to $235.00 and set an "outperform" rating for the company in a research note on Thursday, October 2nd. Morgan Stanley decreased their target price on shares of SBA Communications from $260.00 to $220.00 and set an "equal weight" rating for the company in a research note on Thursday. 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, seven have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and an average target price of $243.73.

SBA Communications Trading Down 0.6%

SBAC stock opened at $196.26 on Friday. SBA Communications Corporation has a 1 year low of $185.45 and a 1 year high of $248.89. The company has a fifty day simple moving average of $201.61 and a 200 day simple moving average of $219.73. The firm has a market cap of $21.07 billion, a PE ratio of 24.94, a PEG ratio of 2.08 and a beta of 0.82.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released 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. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The business had revenue of $698.98 million during the quarter, compared to analyst estimates of $670.73 million. During the same quarter in the previous year, the business earned $3.29 EPS. SBA Communications's quarterly revenue was up 5.8% compared to the same quarter last year. SBA Communications has set its FY 2025 guidance at EPS. As a group, analysts forecast that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 21st were issued a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.3%. The ex-dividend date was Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is 56.42%.

SBA Communications 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.

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