Adage Capital Partners GP L.L.C. Decreases Stock Position in SBA Communications Corporation $SBAC

Key Points

• Adage Capital Partners GP L.L.C. significantly reduced its holdings in SBA Communications by 71.7%, now owning 43,100 shares after selling 109,300 shares in the first quarter.
• SBA Communications reported earnings per share of $3.17 for the last quarter, exceeding analysts' expectations of $3.10, with revenue of $698.98 million, surpassing the forecast of $670.73 million.
• The company recently announced a quarterly dividend of $1.11 per share, representing a yield of 2.2% and a payout ratio of 56.42%.

Adage Capital Partners GP L.L.C. cut its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 71.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 43,100 shares of the technology company's stock after selling 109,300 shares during the quarter. Adage Capital Partners GP L.L.C.'s holdings in SBA Communications were worth $9,482,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SBAC. Independence Bank of Kentucky bought a new position in shares of SBA Communications during the 1st quarter valued at approximately $28,000. Stone House Investment Management LLC bought a new position in shares of SBA Communications during the 1st quarter valued at approximately $33,000. Allworth Financial LP grew its stake in shares of SBA Communications by 62.0% during the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after acquiring an additional 62 shares during the period. NBC Securities Inc. grew its stake in shares of SBA Communications by 1,575.0% during the 1st quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after acquiring an additional 189 shares during the period. Finally, Zions Bancorporation National Association UT bought a new position in shares of SBA Communications during the 1st quarter valued at approximately $47,000. 97.35% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SBAC shares. JMP Securities set a $280.00 price target on SBA Communications and gave the stock a "market outperform" rating in a research note on Tuesday, August 5th. Citigroup restated an "outperform" rating on shares of SBA Communications in a research note on Tuesday, August 5th. UBS Group upped 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. Raymond James Financial set a $265.00 price target on SBA Communications and gave the stock a "strong-buy" rating in a research note on Tuesday, August 5th. Finally, Barclays upped their price target on SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and an average price target of $256.38.

SBA Communications Stock Performance

Shares of SBAC traded up $0.53 during mid-day trading on Friday, hitting $199.97. 1,334,433 shares of the stock were exchanged, compared to its average volume of 1,260,291. The company has a market cap of $21.47 billion, a PE ratio of 25.41, a price-to-earnings-growth ratio of 1.89 and a beta of 0.80. SBA Communications Corporation has a 52-week low of $186.81 and a 52-week high of $252.64. The firm has a 50-day moving average of $219.72 and a two-hundred day moving average of $224.06.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $698.98 million for the quarter, compared to analysts' expectations of $670.73 million. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The company's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the prior year, the firm earned $3.29 EPS. SBA Communications has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 21st will be issued a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.2%. The ex-dividend date is Thursday, August 21st. SBA Communications's dividend payout ratio is presently 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.