Public Employees Retirement System of Ohio Acquires New Stake in SBA Communications Corporation $SBAC

Key Points

• Public Employees Retirement System of Ohio acquired 30,039 shares of SBA Communications in the second quarter, valued at approximately $5.3 million. Institutional investors collectively own 97.35% of the company.
• SBA Communications exceeded quarterly expectations, reporting adjusted EPS of $1.87 versus the $1.85 consensus and revenue of $715.27 million, up 2.3% year over year.
• The company declared a quarterly dividend of $1.25 per share, equivalent to $5.00 annually and a 2.7% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $225.53 versus the stock’s reported price of $186.42.

Public Employees Retirement System of Ohio bought a new stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 30,039 shares of the technology company's stock, valued at approximately $5,301,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. J. Safra Sarasin Holding AG grew its holdings in shares of SBA Communications by 4.0% during the first quarter. J. Safra Sarasin Holding AG now owns 1,596 shares of the technology company's stock worth $275,000 after buying an additional 62 shares in the last quarter. CX Institutional lifted its stake in shares of SBA Communications by 44.2% during the second quarter. CX Institutional now owns 212 shares of the technology company's stock valued at $37,000 after buying an additional 65 shares during the period. Norinchukin Bank The lifted its stake in shares of SBA Communications by 1.1% during the third quarter. Norinchukin Bank The now owns 6,037 shares of the technology company's stock valued at $1,167,000 after buying an additional 68 shares during the period. GAMMA Investing LLC boosted its position in SBA Communications by 5.7% during the second quarter. GAMMA Investing LLC now owns 1,289 shares of the technology company's stock worth $227,000 after acquiring an additional 70 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake in SBA Communications by 47.6% in the 4th quarter. Larson Financial Group LLC now owns 248 shares of the technology company's stock worth $48,000 after acquiring an additional 80 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

NASDAQ SBAC opened at $186.42 on Thursday. SBA Communications Corporation has a one year low of $162.41 and a one year high of $224.46. The company's 50 day moving average price is $182.87 and its 200 day moving average price is $194.28. The firm has a market capitalization of $19.78 billion, a price-to-earnings ratio of 20.09, a PEG ratio of 1.89 and a beta of 0.99.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.02. SBA Communications had a net margin of 34.51% and a negative return on equity of 20.67%. The company had revenue of $715.27 million during the quarter, compared to the consensus estimate of $706.01 million. During the same period in the previous year, the firm earned $3.17 earnings per share. SBA Communications's revenue for the quarter was up 2.3% on a year-over-year basis. Sell-side analysts forecast that SBA Communications Corporation will post 11.41 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, August 20th will be given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Thursday, August 20th. SBA Communications's dividend payout ratio is 53.88%.

Insiders Place Their Bets

In related news, Director George R. Krouse, Jr. sold 300 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $182.67, for a total value of $54,801.00. Following the completion of the sale, the director directly owned 8,512 shares in the company, valued at approximately $1,554,887.04. This represents a 3.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 9.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Barclays reduced their price target on SBA Communications from $245.00 to $208.00 and set an "overweight" rating on the stock in a research note on Thursday, August 20th. UBS Group lowered SBA Communications from a "market perform" rating to a "hold" rating in a research note on Monday, August 24th. BMO Capital Markets reiterated a "market perform" rating on shares of SBA Communications in a research report on Monday, August 24th. Truist Financial decreased their price target on SBA Communications from $248.00 to $238.00 and set a "buy" rating on the stock in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of SBA Communications from $230.00 to $220.00 and set a "neutral" rating for the company in a research note on Tuesday, August 4th. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $225.53.

SBA Communications Profile

SBA Communications Corporation NASDAQ: SBAC is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.

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