Royal Bank of Canada Reduces Stock Position in SBA Communications Corporation $SBAC

Royal Bank of Canada cut its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 45.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,579 shares of the technology company's stock after selling 83,362 shares during the period. Royal Bank of Canada owned 0.09% of SBA Communications worth $22,348,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in SBAC. Independence Bank of Kentucky acquired a new stake in shares of SBA Communications in the 1st quarter valued at about $28,000. Stone House Investment Management LLC acquired a new stake in shares of SBA Communications in the 1st quarter valued at about $33,000. Allworth Financial LP lifted its position in SBA Communications by 62.0% in the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after acquiring an additional 62 shares in the last quarter. NBC Securities Inc. lifted its position in SBA Communications by 1,575.0% in the 1st quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after acquiring an additional 189 shares in the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in SBA Communications in the 1st quarter valued at about $47,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Price Performance

NASDAQ SBAC traded up $0.53 during trading on Friday, hitting $199.97. 1,334,433 shares of the company's stock traded hands, compared to its average volume of 1,260,291. The stock has a fifty day moving average of $219.72 and a two-hundred day moving average of $224.12. SBA Communications Corporation has a 12-month low of $186.81 and a 12-month high of $252.64. The firm has a market cap of $21.47 billion, a P/E ratio of 25.41, a PEG ratio of 1.89 and a beta of 0.80.

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 (EPS) for the quarter, beating the consensus estimate of $3.10 by $0.07. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The business had revenue of $698.98 million during the quarter, compared to analyst estimates of $670.73 million. During the same period in the prior year, the business posted $3.29 earnings per share. The company's revenue was up 5.8% on a year-over-year basis. SBA Communications has set its FY 2025 guidance at EPS. As a group, analysts expect that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have commented on SBAC shares. Bank of America cut shares of SBA Communications from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $260.00 to $230.00 in a research report on Wednesday, August 27th. JMP Securities set a $280.00 price target on shares of SBA Communications and gave the stock a "market outperform" rating in a report on Tuesday, August 5th. Raymond James Financial set a $265.00 price target on shares of SBA Communications and gave the stock a "strong-buy" rating in a report on Tuesday, August 5th. Morgan Stanley lifted their price target on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Finally, Barclays boosted their target price on shares of SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Two equities 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 company's stock. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of "Moderate Buy" and a consensus target price 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.