QRG Capital Management Inc. Acquires 1,445 Shares of SBA Communications Corporation $SBAC

Key Points

• QRG Capital Management Inc. increased its holdings in SBA Communications Corporation by 19.0%, purchasing an additional 1,445 shares in the second quarter, valuing their total investment at $2,121,000.
• Analysts have a consensus rating of "Moderate Buy" for SBA Communications, with an average price target of $249.07, despite recent downgrades from multiple firms.
• SBA Communications announced a quarterly dividend of $1.11 per share, reflecting an annualized dividend of $4.44 and a yield of 2.4%.

QRG Capital Management Inc. increased its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 19.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,034 shares of the technology company's stock after purchasing an additional 1,445 shares during the quarter. QRG Capital Management Inc.'s holdings in SBA Communications were worth $2,121,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Stone House Investment Management LLC acquired a new stake in shares of SBA Communications in the first quarter valued at about $33,000. Allworth Financial LP grew its stake in SBA Communications by 62.0% in the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after purchasing an additional 62 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock valued at $36,000 after purchasing an additional 84 shares in the last quarter. NBC Securities Inc. grew its stake in SBA Communications by 1,575.0% in the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after purchasing an additional 189 shares in the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in SBA Communications in the first quarter valued at approximately $47,000. 97.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several recent analyst reports. Bank of America downgraded SBA Communications from a "buy" rating to a "neutral" rating and cut their price objective for the company from $260.00 to $230.00 in a report on Wednesday, August 27th. Royal Bank Of Canada dropped their price target on shares of SBA Communications from $255.00 to $235.00 and set an "outperform" rating on the stock in a research report on Thursday, October 2nd. Barclays lowered their price objective on shares of SBA Communications from $257.00 to $226.00 and set an "overweight" rating on the stock in a research note on Monday, September 15th. Weiss Ratings restated a "hold (c)" rating on shares of SBA Communications in a research note on Saturday, September 27th. Finally, The Goldman Sachs Group reduced their price target on SBA Communications from $250.00 to $220.00 and set a "neutral" rating for the company in a report on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, SBA Communications has a consensus rating of "Moderate Buy" and an average target price of $249.07.

SBA Communications Trading Down 0.1%

Shares of NASDAQ SBAC opened at $188.53 on Wednesday. The firm has a market cap of $20.24 billion, a P/E ratio of 23.96, a price-to-earnings-growth ratio of 1.78 and a beta of 0.82. SBA Communications Corporation has a 1-year low of $186.81 and a 1-year high of $252.64. The business's 50 day moving average is $206.85 and its 200-day moving average is $221.19.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $698.98 million for the quarter, compared to analyst estimates of $670.73 million. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The company's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the prior year, the firm posted $3.29 EPS. SBA Communications has set its FY 2025 guidance at EPS. Analysts forecast that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st were issued a dividend of $1.11 per share. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $4.44 annualized dividend and a dividend yield of 2.4%. SBA Communications's dividend payout ratio (DPR) is currently 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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