BI Asset Management Fondsmaeglerselskab A S Sells 5,286 Shares of SBA Communications Corporation $SBAC

Key Points

• BI Asset Management Fondsmaeglerselskab A S reduced its stake in SBA Communications by 59.7%, owning 3,569 shares after selling 5,286 shares in Q1.
• Equity analysts have set new price targets for SBA Communications, with estimates ranging from $235.00 to $280.00, reflecting a consensus rating of "Moderate Buy."
• The company reported a quarterly EPS of $3.17, exceeding estimates, alongside a revenue of $698.98 million, up 5.8% from the previous year.

BI Asset Management Fondsmaeglerselskab A S lessened its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 59.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,569 shares of the technology company's stock after selling 5,286 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in SBA Communications were worth $785,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Independence Bank of Kentucky purchased a new stake in shares of SBA Communications during the first quarter valued at $28,000. Stone House Investment Management LLC acquired a new stake in SBA Communications during the 1st quarter worth about $33,000. Allworth Financial LP lifted its stake in SBA Communications by 62.0% during the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after buying an additional 62 shares in the last quarter. NBC Securities Inc. lifted its position in shares of SBA Communications by 1,575.0% in 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 in the last quarter. Finally, Summit Securities Group LLC acquired a new stake in shares of SBA Communications in the first quarter worth $47,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SBAC shares. Raymond James Financial set a $265.00 price target on SBA Communications and gave the company a "strong-buy" rating in a research report on Tuesday, August 5th. BMO Capital Markets lifted their target price on SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research note on Tuesday, April 29th. UBS Group increased their price target on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Citigroup restated an "outperform" rating on shares of SBA Communications in a report on Tuesday, August 5th. Finally, Scotiabank began 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 objective on the stock. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of "Moderate Buy" and a consensus target price of $256.38.

SBA Communications Stock Performance

Shares of SBA Communications stock traded down $9.78 during midday trading on Wednesday, reaching $209.07. 763,260 shares of the company's stock traded hands, compared to its average volume of 857,725. SBA Communications Corporation has a 52 week low of $192.55 and a 52 week high of $252.64. The company's 50 day simple moving average is $228.49 and its 200 day simple moving average is $225.05. The company has a market cap of $22.45 billion, a price-to-earnings ratio of 26.59, a price-to-earnings-growth ratio of 2.04 and a beta of 0.77.

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

SBA Communications Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 2.1%. The ex-dividend date is Thursday, August 21st. SBA Communications's payout ratio is 56.42%.

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.