Royal Bank of Canada Sells 83,362 Shares of SBA Communications Corporation $SBAC

Royal Bank of Canada lowered its holdings in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 45.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 101,579 shares of the technology company's stock after selling 83,362 shares during the quarter. Royal Bank of Canada owned 0.09% of SBA Communications worth $22,348,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Independence Bank of Kentucky bought a new stake in SBA Communications in the first quarter valued at about $28,000. Stone House Investment Management LLC bought a new stake in SBA Communications in the first quarter valued at about $33,000. Allworth Financial LP boosted its position 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 buying an additional 62 shares in the last quarter. NBC Securities Inc. boosted its position 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 buying an additional 189 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new position in SBA Communications in the first quarter valued at about $47,000. Institutional investors own 97.35% of the company's stock.

SBA Communications Trading Up 0.3%

Shares of SBAC traded up $0.69 on Friday, reaching $200.13. 616,235 shares of the company's stock were exchanged, compared to its average volume of 911,987. The stock has a market capitalization of $21.49 billion, a P/E ratio of 25.43, a price-to-earnings-growth ratio of 1.84 and a beta of 0.80. The business has a 50 day moving average price of $220.43 and a two-hundred day moving average price of $224.19. SBA Communications Corporation has a 12 month low of $186.81 and a 12 month high of $252.64.

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

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 21st will be paid a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's payout ratio is 56.42%.

Analyst Upgrades and Downgrades

SBAC has been the topic of a number of recent analyst reports. Scotiabank initiated coverage on shares of SBA Communications in a research report on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price target on the stock. Raymond James Financial set a $265.00 price target on shares of SBA Communications and gave the company a "strong-buy" rating in a research report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft lowered shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target on the stock. in a research report on Tuesday, May 20th. Bank of America lowered shares of SBA Communications from a "buy" rating to a "neutral" rating and reduced their price target for the company from $260.00 to $230.00 in a research report on Wednesday, August 27th. Finally, Wells Fargo & Company boosted their price target on shares of SBA Communications from $225.00 to $235.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $256.38.

SBA Communications Company 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.