SBA Communications Corporation (NASDAQ:SBAC) Shares Sold by Ontario Teachers Pension Plan Board

Key Points

• The Ontario Teachers Pension Plan Board has reduced its stake in SBA Communications Corporation by 63.2%, now owning 3,283 shares worth approximately $722,000.
• SBA Communications reported earnings of $3.17 per share for the last quarter, surpassing expectations, with revenue of $698.98 million, reflecting a 5.8% year-over-year increase.
• The company has announced a quarterly dividend of $1.11 per share, highlighting a payout ratio of 56.42% and providing a yield of 2.0%.

Ontario Teachers Pension Plan Board decreased its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 63.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,283 shares of the technology company's stock after selling 5,644 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in SBA Communications were worth $722,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of SBAC. Dodge & Cox grew its position in shares of SBA Communications by 352.5% in the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after purchasing an additional 5,722,740 shares during the period. BROOKFIELD Corp ON boosted its position in SBA Communications by 27,449.9% during the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock worth $202,016,000 after acquiring an additional 987,647 shares during the last quarter. Voyager Global Management LP acquired a new position in SBA Communications during the fourth quarter worth about $95,786,000. Cohen & Steers Inc. boosted its position in SBA Communications by 29.8% during the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock worth $383,762,000 after acquiring an additional 432,644 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position 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 acquiring an additional 369,282 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company's stock.

SBA Communications Stock Performance

Shares of SBA Communications stock traded down $2.29 on Friday, reaching $220.85. The company had a trading volume of 569,133 shares, compared to its average volume of 823,651. The firm's 50 day moving average price is $230.50 and its two-hundred day moving average price is $223.65. The firm has a market cap of $23.73 billion, a PE ratio of 28.06, a PEG ratio of 2.03 and a beta of 0.77. SBA Communications Corporation has a 52-week low of $192.55 and a 52-week high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 31.19% and a negative return on equity of 16.83%. The business's revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $3.29 EPS. As a group, sell-side analysts predict that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st will be paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's payout ratio is 56.42%.

Analyst Upgrades and Downgrades

SBAC has been the topic of a number of recent research reports. Wells Fargo & Company boosted their price target on shares of SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 5th. Barclays increased their price target on SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Deutsche Bank Aktiengesellschaft cut SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target for the company. in a report on Tuesday, May 20th. Bank of America assumed coverage on SBA Communications in a report on Monday, May 19th. They issued a "buy" rating and a $260.00 price target for the company. Finally, JMP Securities set a $280.00 target price on shares of SBA Communications and gave the stock a "market outperform" rating in a research note on Tuesday, August 5th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, SBA Communications presently has an average rating of "Moderate Buy" and a consensus price target of $258.25.

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.