Public Employees Retirement System of Ohio Lowers Stock Position in SBA Communications Corporation $SBAC

Key Points

• The Public Employees Retirement System of Ohio reduced its stake in SBA Communications by 11.6% during Q2, now holding 54,891 shares valued at approximately $12.89 million.
• Analyst ratings for SBA Communications have varied, with Bank of America downgrading the stock to "neutral" while UBS Group raised its price target and maintained a "buy" rating.
• SBA Communications reported earnings of $3.17 EPS for the last quarter, exceeding expectations, and has announced a quarterly dividend of $1.11 per share with a yield of 2.3%.

Public Employees Retirement System of Ohio cut its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 11.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 54,891 shares of the technology company's stock after selling 7,206 shares during the period. Public Employees Retirement System of Ohio owned 0.05% of SBA Communications worth $12,891,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Ballentine Partners LLC boosted its holdings in SBA Communications by 8.9% during the second quarter. Ballentine Partners LLC now owns 1,611 shares of the technology company's stock worth $378,000 after buying an additional 132 shares in the last quarter. Fifth Third Bancorp boosted its holdings in SBA Communications by 4.5% during the second quarter. Fifth Third Bancorp now owns 30,804 shares of the technology company's stock worth $7,234,000 after buying an additional 1,323 shares in the last quarter. Gries Financial LLC purchased a new stake in SBA Communications during the second quarter worth $201,000. GAMMA Investing LLC boosted its holdings in SBA Communications by 35.2% during the second quarter. GAMMA Investing LLC now owns 2,277 shares of the technology company's stock worth $535,000 after buying an additional 593 shares in the last quarter. Finally, Park Avenue Securities LLC purchased a new stake in SBA Communications during the second quarter worth $1,264,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Bank of America downgraded shares of SBA Communications from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $260.00 to $230.00 in a report on Wednesday, August 27th. UBS Group increased their price objective on shares of SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Scotiabank started coverage on shares of SBA Communications in a report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 price objective on the stock. KeyCorp decreased their price objective on shares of SBA Communications from $280.00 to $235.00 and set an "overweight" rating on the stock in a report on Wednesday, September 17th. Finally, 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 report on Tuesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $252.57.

SBA Communications Stock Down 0.6%

Shares of NASDAQ SBAC opened at $194.22 on Friday. The firm has a 50-day simple moving average of $212.71 and a 200-day simple moving average of $222.51. The stock has a market capitalization of $20.86 billion, a price-to-earnings ratio of 24.68, a price-to-earnings-growth ratio of 1.85 and a beta of 0.80. SBA Communications Corporation has a 52 week low of $186.81 and a 52 week high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its earnings results on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, beating analysts' consensus estimates of $3.10 by $0.07. The business had revenue of $698.98 million during the quarter, compared to analysts' expectations of $670.73 million. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The company's quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business earned $3.29 earnings per share. SBA Communications has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 21st were given a dividend of $1.11 per share. 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 presently 56.42%.

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.

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