Panagora Asset Management Inc. Buys 6,869 Shares of SBA Communications Corporation $SBAC

Key Points

• Panagora Asset Management Inc. increased its stock position in SBA Communications Corporation by 408.9% in the first quarter, owning 8,549 shares valued at approximately $1.88 million.
• SBA Communications reported a quarterly revenue of $698.98 million, surpassing analysts' expectations and achieving a net margin of 31.19%.
• The company announced a dividend of $1.11 per share to be paid on September 18th, with an annualized yield of 2.2% and a dividend payout ratio of 56.42%.

Panagora Asset Management Inc. raised its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 408.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,549 shares of the technology company's stock after buying an additional 6,869 shares during the period. Panagora Asset Management Inc.'s holdings in SBA Communications were worth $1,881,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in SBA Communications by 40.3% in the first quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company's stock worth $1,314,265,000 after purchasing an additional 1,715,541 shares during the last quarter. Dodge & Cox boosted its position in SBA Communications by 15.5% in the first quarter. Dodge & Cox now owns 8,485,264 shares of the technology company's stock worth $1,866,843,000 after purchasing an additional 1,139,009 shares during the last quarter. BROOKFIELD Corp ON boosted its position in SBA Communications by 27,449.9% in the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock worth $202,016,000 after purchasing an additional 987,647 shares during the last quarter. Nuveen LLC purchased a new position in SBA Communications in the first quarter worth $152,973,000. Finally, GAMMA Investing LLC boosted its position in SBA Communications by 30,393.6% in 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.

SBA Communications Stock Performance

SBA Communications stock traded up $2.57 during mid-day trading on Friday, reaching $197.74. The company's stock had a trading volume of 1,863,233 shares, compared to its average volume of 955,243. SBA Communications Corporation has a 12-month low of $192.55 and a 12-month high of $252.64. The company has a market capitalization of $21.23 billion, a P/E ratio of 25.13, a PEG ratio of 1.88 and a beta of 0.80. The firm's fifty day moving average price is $223.83 and its two-hundred day moving average price is $224.78.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $698.98 million for the quarter, compared to analysts' expectations of $670.73 million. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The firm's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.29 EPS. SBA Communications has set its FY 2025 guidance at EPS. On average, research analysts predict that SBA Communications Corporation will post 12.57 EPS 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 paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Thursday, August 21st. SBA Communications's dividend payout ratio is currently 56.42%.

Wall Street Analyst Weigh In

Several research firms have weighed in on SBAC. 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. UBS Group upped their price objective on SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Bank of America downgraded SBA Communications from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $260.00 to $230.00 in a research note on Wednesday, August 27th. Deutsche Bank Aktiengesellschaft downgraded SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective on the stock. in a research note on Tuesday, May 20th. Finally, JMP Securities set a $280.00 price target on SBA Communications and gave the company a "market outperform" rating in a research report on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, SBA Communications has a consensus rating of "Moderate Buy" and an average price target of $256.38.

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.