SBA Communications Corporation $SBAC Shares Purchased by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its stake in SBA Communications by 19.1% in Q1, acquiring an additional 122,557 shares, bringing their total to 765,434 shares valued at approximately $168.4 million.
• SBA Communications reported $3.17 earnings per share (EPS) for the last quarter, exceeding estimates by $0.07, with a revenue of $698.98 million, a 5.8% increase year-over-year.
• The company announced a quarterly dividend of $1.11 per share, resulting in an annualized rate of $4.44 with a modest dividend yield of 2.3%.

Goldman Sachs Group Inc. raised its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 19.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 765,434 shares of the technology company's stock after buying an additional 122,557 shares during the period. Goldman Sachs Group Inc. owned approximately 0.71% of SBA Communications worth $168,403,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in SBA Communications by 1.5% in the first quarter. Vanguard Group Inc. now owns 17,666,669 shares of the technology company's stock valued at $3,886,844,000 after purchasing an additional 268,018 shares during the last quarter. Dodge & Cox raised its position in shares of 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 purchasing an additional 1,139,009 shares in the last quarter. JPMorgan Chase & Co. boosted its stake 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 buying an additional 1,715,541 shares during the last quarter. Diamond Hill Capital Management Inc. grew its position in shares of SBA Communications by 7.3% during the first quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company's stock worth $439,310,000 after buying an additional 135,682 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of SBA Communications by 11.5% in the first quarter. Victory Capital Management Inc. now owns 1,986,133 shares of the technology company's stock worth $436,969,000 after buying an additional 204,902 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Up 1.1%

Shares of SBAC stock opened at $193.57 on Thursday. The company has a market cap of $20.79 billion, a P/E ratio of 24.60, a PEG ratio of 1.82 and a beta of 0.80. The business has a 50 day moving average of $221.14 and a two-hundred day moving average of $224.29. SBA Communications Corporation has a 52 week low of $186.81 and a 52 week high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter last year, the business posted $3.29 EPS. The business's revenue was up 5.8% on a year-over-year basis. SBA Communications has set its FY 2025 guidance at EPS. Analysts expect that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 21st will be issued a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend 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%.

Analysts Set New Price Targets

A number of research analysts have commented on SBAC shares. Morgan Stanley raised their price objective 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. Scotiabank assumed coverage on SBA Communications in a research note on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price target for the company. Deutsche Bank Aktiengesellschaft lowered SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective for the company. in a report on Tuesday, May 20th. Bank of America downgraded SBA Communications from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $260.00 to $230.00 in a report on Wednesday, August 27th. Finally, Citigroup reiterated an "outperform" rating on shares of SBA Communications in a report on Tuesday, August 5th. Two equities 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.com, SBA Communications presently has an average rating of "Moderate Buy" and a consensus 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.

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