SBA Communications Corporation $SBAC Stake Boosted by Benchstone Capital Management LP

Key Points

• Benchstone Capital Management LP increased its holdings in SBA Communications Corporation by 31.5% in Q1, making it one of the largest institutional investors in the company, with a stake valued at approximately $47.5 million.
• In recent research reports, analysts have set mixed price targets for SBA Communications, with JMP Securities offering a target of $280, while Bank of America reduced its target from $260 to $230.
• SBA Communications announced a quarterly dividend of $1.11 per share, which represents an annualized yield of 2.2%, with a payout ratio of 56.42% as reported in their latest financial results.

Benchstone Capital Management LP raised its holdings in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 31.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 215,726 shares of the technology company's stock after buying an additional 51,680 shares during the period. SBA Communications comprises approximately 5.0% of Benchstone Capital Management LP's investment portfolio, making the stock its 3rd biggest holding. Benchstone Capital Management LP owned approximately 0.20% of SBA Communications worth $47,462,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its holdings in shares of SBA Communications by 40.3% during the 1st quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company's stock valued at $1,314,265,000 after acquiring an additional 1,715,541 shares in the last quarter. Dodge & Cox increased its position in SBA Communications by 15.5% in the 1st quarter. Dodge & Cox now owns 8,485,264 shares of the technology company's stock valued at $1,866,843,000 after buying an additional 1,139,009 shares in the last quarter. BROOKFIELD Corp ON increased its holdings in SBA Communications by 27,449.9% during the 4th quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock worth $202,016,000 after purchasing an additional 987,647 shares in the last quarter. Nuveen LLC purchased a new position in shares of SBA Communications in the 1st quarter worth approximately $152,973,000. Finally, GAMMA Investing LLC boosted its stake in shares of SBA Communications by 30,393.6% in the 1st quarter. GAMMA Investing LLC now owns 370,497 shares of the technology company's stock worth $81,513,000 after buying an additional 369,282 shares during the last quarter. Institutional investors own 97.35% of the company's stock.

SBA Communications Price Performance

NASDAQ:SBAC traded down $2.69 on Wednesday, reaching $199.31. The stock had a trading volume of 1,316,040 shares, compared to its average volume of 909,010. The firm's fifty day moving average is $225.87 and its two-hundred day moving average is $224.97. The company has a market cap of $21.40 billion, a price-to-earnings ratio of 25.33, a P/E/G ratio of 1.94 and a beta of 0.80. SBA Communications Corporation has a 12-month low of $192.55 and a 12-month high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its 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 net margin of 31.19% and a negative return on equity of 16.83%. The firm had revenue of $698.98 million during the quarter, compared to the consensus estimate of $670.73 million. During the same quarter in the prior year, the company earned $3.29 EPS. 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, research analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st will be paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is presently 56.42%.

Analyst Ratings Changes

SBAC has been the topic of several research analyst reports. Bank of America cut shares of SBA Communications from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $260.00 to $230.00 in a report on Wednesday, August 27th. Barclays raised their target price on shares of SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Raymond James Financial set a $265.00 target price on shares of SBA Communications and gave the company a "strong-buy" rating in a research note on Tuesday, August 5th. Scotiabank assumed coverage on shares of SBA Communications in a report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 price target on the stock. Finally, Morgan Stanley upped their price target 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. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and an average target price of $256.38.

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.