SBA Communications Corporation $SBAC Shares Bought by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp increased its stake in SBA Communications by 4.5%, owning 30,804 shares worth $7,234,000 at the end of the last reporting period.
• SBA Communications reported $3.17 earnings per share for the most recent quarter, exceeding analysts' expectations, with revenue of $698.98 million, up 5.8% year-over-year.
• The company announced a quarterly dividend of $1.11 per share, representing an annualized yield of 2.3% and a payout ratio of 56.42%.

Fifth Third Bancorp grew its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 4.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 30,804 shares of the technology company's stock after acquiring an additional 1,323 shares during the period. Fifth Third Bancorp's holdings in SBA Communications were worth $7,234,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. CWA Asset Management Group LLC purchased a new stake in shares of SBA Communications in the first quarter valued at $302,000. GAMMA Investing LLC lifted its holdings in shares of SBA Communications by 38.6% in the first quarter. GAMMA Investing LLC now owns 1,684 shares of the technology company's stock valued at $370,000 after purchasing an additional 469 shares in the last quarter. Praxis Investment Management Inc. purchased a new stake in shares of SBA Communications in the first quarter valued at $290,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of SBA Communications by 14.1% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,300 shares of the technology company's stock valued at $3,146,000 after purchasing an additional 1,769 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of SBA Communications by 11.1% in the first quarter. Janney Montgomery Scott LLC now owns 6,084 shares of the technology company's stock valued at $1,339,000 after purchasing an additional 608 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company's stock.

SBA Communications Trading Up 0.1%

NASDAQ SBAC opened at $195.43 on Friday. SBA Communications Corporation has a 1-year low of $186.81 and a 1-year high of $252.64. The company has a market capitalization of $20.99 billion, a PE ratio of 24.83, a price-to-earnings-growth ratio of 1.85 and a beta of 0.80. The firm's fifty day simple moving average is $213.51 and its 200-day simple moving average is $222.70.

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. 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 for the quarter, compared to the consensus estimate of $670.73 million. During the same period in the prior year, the business posted $3.29 earnings per share. SBA Communications's revenue for the quarter was up 5.8% compared to the same quarter last year. SBA Communications has set its FY 2025 guidance at EPS. As a group, analysts predict that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st were 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 was Thursday, August 21st. SBA Communications's dividend payout ratio is presently 56.42%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. UBS Group increased their target price on SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Raymond James Financial set a $265.00 target price on SBA Communications and gave the company a "strong-buy" rating in a report on Tuesday, August 5th. KeyCorp reduced their target price on SBA Communications from $280.00 to $235.00 and set an "overweight" rating for the company in a report on Wednesday, September 17th. Scotiabank assumed coverage on shares of SBA Communications in a research note on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price target on the stock. Finally, Wells Fargo & Company upped their price target on shares of SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, SBA Communications has a consensus rating of "Moderate Buy" and a consensus target price of $252.57.

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.

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