Northern Trust Corp Buys 13,489 Shares of SBA Communications Corporation $SBAC

Key Points

• Northern Trust Corp increased its stake in SBA Communications by 1.1%, owning 1,222,279 shares valued at approximately $268.9 million following the purchase of 13,489 additional shares.
• Several hedge funds made significant increases in their holdings of SBA Communications, with JPMorgan Chase & Co. boosting its stake by 40.3% and BROOKFIELD Corp ON raising its position by a staggering 27,449.9%.
• SBA Communications recently announced a quarterly dividend of $1.11 per share, representing an annual yield of 2.0% and is expected to report earnings per share of 12.57 for the current fiscal year.

Northern Trust Corp grew its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 1.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,222,279 shares of the technology company's stock after purchasing an additional 13,489 shares during the quarter. Northern Trust Corp owned approximately 1.14% of SBA Communications worth $268,914,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its holdings in SBA Communications by 40.3% during the 1st quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company's stock worth $1,314,265,000 after acquiring an additional 1,715,541 shares during the last quarter. BROOKFIELD Corp ON raised its holdings in shares of SBA Communications by 27,449.9% in the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock valued at $202,016,000 after purchasing an additional 987,647 shares during the last quarter. Nuveen LLC bought a new position in shares of SBA Communications during the first quarter valued at about $152,973,000. Voyager Global Management LP bought a new position in shares of SBA Communications during the fourth quarter valued at about $95,786,000. Finally, GAMMA Investing LLC boosted its holdings in SBA Communications by 30,393.6% during the first quarter. GAMMA Investing LLC now owns 370,497 shares of the technology company's stock worth $81,513,000 after purchasing an additional 369,282 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several analyst reports. Morgan Stanley increased their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Scotiabank started coverage on SBA Communications in a research report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 price target for the company. Raymond James Financial set a $265.00 price target on SBA Communications and gave the stock a "strong-buy" rating in a report on Tuesday, August 5th. Wells Fargo & Company boosted their price objective on SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 5th. Finally, Barclays upped their price objective on SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $258.25.

SBA Communications Trading Up 1.6%

SBA Communications stock opened at $223.71 on Thursday. The business's 50 day simple moving average is $229.10 and its 200 day simple moving average is $224.36. SBA Communications Corporation has a 12 month low of $192.55 and a 12 month high of $252.64. The company has a market cap of $24.02 billion, a price-to-earnings ratio of 28.43, a PEG ratio of 2.03 and a beta of 0.77.

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 (EPS) for the quarter, topping analysts' consensus estimates of $3.10 by $0.07. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The business had revenue of $698.98 million during the quarter, compared to the consensus estimate of $670.73 million. During the same period last year, the business posted $3.29 earnings per share. The business's revenue for the quarter was up 5.8% on a year-over-year basis. 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st will be given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is currently 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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