Adelante Capital Management LLC Purchases 3,783 Shares of SBA Communications Corporation $SBAC

Key Points

• Adelante Capital Management LLC increased its stake in SBA Communications by 42.9%, holding 12,603 shares valued at $2.77 million as of the latest quarter.
• SBA Communications reported earnings of $3.17 per share, exceeding analyst estimates of $3.10, with a 5.8% year-over-year revenue growth.
• The company announced a $1.11 quarterly dividend with a yield of 2.2%, payable on September 18th, 2023, to investors of record from August 21st, 2023.

Adelante Capital Management LLC raised its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 42.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,603 shares of the technology company's stock after purchasing an additional 3,783 shares during the period. Adelante Capital Management LLC's holdings in SBA Communications were worth $2,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of SBAC. Mercer Global Advisors Inc. ADV increased its position in shares of SBA Communications by 89.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 5,922 shares of the technology company's stock valued at $1,207,000 after purchasing an additional 2,795 shares during the last quarter. Baird Financial Group Inc. increased its position in SBA Communications by 25.2% during the fourth quarter. Baird Financial Group Inc. now owns 2,445 shares of the technology company's stock valued at $498,000 after acquiring an additional 492 shares during the last quarter. Captrust Financial Advisors raised its stake in shares of SBA Communications by 56.0% in the fourth quarter. Captrust Financial Advisors now owns 6,738 shares of the technology company's stock valued at $1,373,000 after acquiring an additional 2,420 shares during the period. EP Wealth Advisors LLC lifted its holdings in shares of SBA Communications by 5.4% in the 4th quarter. EP Wealth Advisors LLC now owns 2,438 shares of the technology company's stock worth $497,000 after acquiring an additional 126 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of SBA Communications during the 4th quarter worth about $713,000. 97.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on SBAC shares. Barclays increased their price objective on shares of SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. UBS Group raised their price target on SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Bank of America cut SBA Communications from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $260.00 to $230.00 in a report on Wednesday, August 27th. Citigroup reiterated an "outperform" rating on shares of SBA Communications in a research report on Tuesday, August 5th. Finally, Scotiabank started coverage on shares of SBA Communications in a report on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $256.38.

SBA Communications Stock Up 1.1%

NASDAQ:SBAC traded up $2.10 during mid-day trading on Wednesday, reaching $193.57. The company's stock had a trading volume of 1,517,434 shares, compared to its average volume of 1,196,841. SBA Communications Corporation has a 1 year low of $186.81 and a 1 year high of $252.64. The stock has a fifty day moving average of $222.02 and a 200-day moving average of $224.50. The firm has a market capitalization of $20.79 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.82 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 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 quarter in the previous year, the business posted $3.29 EPS. The company's quarterly revenue was up 5.8% compared to the same quarter last year. SBA Communications has set its FY 2025 guidance at EPS. On average, analysts expect that SBA Communications Corporation will post 12.57 earnings per share for the current 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 given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is 56.42%.

About SBA Communications

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.