SBA Communications Corporation $SBAC Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC reduced its holdings in SBA Communications by 17.2%, selling 2,431 shares and maintaining ownership of 11,723 shares valued at $2,579,000.
• SBA Communications reported a quarterly EPS of $3.17, exceeding estimates, with revenue of $698.98 million reflecting a 5.8% year-over-year increase.
• The company announced a quarterly dividend of $1.11 per share, with a dividend yield of 2.2% and a payout ratio of 56.42%.

Rafferty Asset Management LLC decreased its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 17.2% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 11,723 shares of the technology company's stock after selling 2,431 shares during the period. Rafferty Asset Management LLC's holdings in SBA Communications were worth $2,579,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Independence Bank of Kentucky acquired a new stake in SBA Communications in the first quarter valued at $28,000. Stone House Investment Management LLC acquired a new stake in SBA Communications in the first quarter valued at $33,000. Allworth Financial LP grew its holdings 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 during the last quarter. NBC Securities Inc. grew its holdings 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 during the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in SBA Communications in the first quarter valued at $47,000. Institutional investors and hedge funds own 97.35% of the company's stock.

Analysts Set New Price Targets

SBAC has been the topic of several research reports. JMP Securities set a $280.00 target price on SBA Communications and gave the company a "market outperform" rating in a report on Tuesday, August 5th. Citigroup reaffirmed an "outperform" rating on shares of SBA Communications in a research note on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft lowered 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. Barclays increased their price objective on SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Finally, UBS Group increased 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. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, SBA Communications has a consensus rating of "Moderate Buy" and an average target price of $256.38.

SBA Communications Price Performance

NASDAQ:SBAC traded down $2.16 during mid-day trading on Wednesday, reaching $199.85. The company's stock had a trading volume of 895,309 shares, compared to its average volume of 872,228. The company's fifty day simple moving average is $225.87 and its two-hundred day simple moving average is $224.97. SBA Communications Corporation has a twelve month low of $192.55 and a twelve month high of $252.64. The stock has a market cap of $21.46 billion, a P/E ratio of 25.40, a P/E/G ratio of 1.94 and a beta of 0.80.

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

SBA Communications Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's payout ratio is currently 56.42%.

SBA Communications 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.