SBA Communications Corporation (NASDAQ:SBAC) Shares Sold by Magellan Asset Management Ltd

Key Points

• Magellan Asset Management Ltd reduced its stake in SBA Communications by 1.8%, holding 81,847 shares worth approximately $18 million as of the latest SEC filing.
• SBA Communications reported $3.17 earnings per share, exceeding analyst estimates, with revenue reaching $698.98 million in the most recent quarter, a 5.8% increase compared to the previous year.
• The company declared a quarterly dividend of $1.11 per share, resulting in an annualized dividend yield of 2.0%, with a payout ratio of 56.42%.

Magellan Asset Management Ltd lessened its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 1.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 81,847 shares of the technology company's stock after selling 1,531 shares during the period. Magellan Asset Management Ltd owned about 0.08% of SBA Communications worth $18,007,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Independence Bank of Kentucky purchased a new stake in shares of SBA Communications during the first quarter worth $28,000. Allworth Financial LP raised its holdings in shares of SBA Communications by 62.0% during the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after acquiring an additional 62 shares in the last quarter. NBC Securities Inc. raised its holdings in shares of SBA Communications by 1,575.0% during the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after acquiring an additional 189 shares in the last quarter. Zions Bancorporation National Association UT acquired a new position in SBA Communications during the first quarter worth $47,000. Finally, Wayfinding Financial LLC acquired a new position in SBA Communications during the first quarter worth $51,000. Hedge funds and other institutional investors own 97.35% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Morgan Stanley increased their target price on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Raymond James Financial set a $265.00 target price on shares of SBA Communications and gave the stock a "strong-buy" rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft downgraded shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price on the stock. in a research report on Tuesday, May 20th. JMP Securities set a $280.00 target price on shares of SBA Communications and gave the stock a "market outperform" rating in a research report on Tuesday, August 5th. Finally, Bank of America assumed coverage on shares of SBA Communications in a research report on Monday, May 19th. They set a "buy" rating and a $260.00 target price on the stock. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $258.25.

SBA Communications Stock Down 1.0%

SBAC stock opened at $220.85 on Friday. SBA Communications Corporation has a twelve month low of $192.55 and a twelve month high of $252.64. The company has a market cap of $23.73 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 2.03 and a beta of 0.77. The business's 50-day simple moving average is $230.50 and its 200 day simple moving average is $223.47.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its 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. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%. The business had revenue of $698.98 million for the quarter, compared to the consensus estimate of $670.73 million. During the same period last year, the business earned $3.29 earnings per share. The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. On average, equities research analysts anticipate 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. Shareholders of record on Thursday, August 21st will be paid a dividend of $1.11 per share. The ex-dividend date is Thursday, August 21st. This represents a $4.44 dividend on an annualized basis and a yield of 2.0%. SBA Communications's dividend payout ratio (DPR) is currently 56.42%.

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.

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