SBA Communications Corporation $SBAC Shares Sold by Permit Capital LLC

Key Points

• Permit Capital LLC reduced its stake in SBA Communications by 3.1%, holding 577,922 shares valued at approximately $127.15 million, making it the firm's largest position at 44.9% of its holdings.
• Several institutional investors, including Vanguard Group and JPMorgan Chase, have increased their positions in SBA Communications, with Vanguard now owning over $3.88 billion worth of shares.
• SBA Communications reported earnings of $3.17 EPS for the last quarter, exceeding analysts' expectations, and has announced a quarterly dividend of $1.11 per share, yielding 2.0% annually.

Permit Capital LLC lowered its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 3.1% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 577,922 shares of the technology company's stock after selling 18,358 shares during the quarter. SBA Communications makes up about 44.9% of Permit Capital LLC's holdings, making the stock its biggest position. Permit Capital LLC owned about 0.54% of SBA Communications worth $127,149,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of 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 acquiring an additional 268,018 shares in the last quarter. JPMorgan Chase & Co. raised its stake in SBA Communications by 40.3% in 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 purchasing an additional 1,715,541 shares during the last quarter. Deutsche Bank AG lifted its holdings in SBA Communications by 5.9% in the 4th quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock valued at $491,549,000 after purchasing an additional 134,624 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its stake in shares of SBA Communications by 7.3% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company's stock worth $439,310,000 after purchasing an additional 135,682 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of SBA Communications by 11.5% during 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 in the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SBAC. Citigroup restated an "outperform" rating on shares of SBA Communications in a research report on Tuesday, August 5th. BMO Capital Markets upped their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a report on Tuesday, April 29th. Bank of America started coverage on shares of SBA Communications in a report on Monday, May 19th. They issued a "buy" rating and a $260.00 price target on the stock. Barclays boosted their price objective on shares of SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. 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 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $258.25.

SBA Communications Price Performance

NASDAQ:SBAC opened at $223.71 on Thursday. The firm has a 50-day moving average of $229.10 and a two-hundred day moving average of $224.36. The stock has a market cap of $24.02 billion, a P/E ratio of 28.43, a PEG ratio of 2.03 and a beta of 0.77. SBA Communications Corporation has a 1-year low of $192.55 and a 1-year high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly 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 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 analysts' expectations of $670.73 million. During the same quarter in the previous year, the firm posted $3.29 earnings per share. The company's revenue was up 5.8% compared to the same quarter last year. SBA Communications has set its FY 2025 guidance at EPS. As a group, equities analysts expect that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders 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 2.0%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is currently 56.42%.

SBA Communications Company 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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