Great Lakes Advisors LLC Cuts Holdings in SBA Communications Corporation $SBAC

Key Points

• Great Lakes Advisors LLC reduced its stake in SBA Communications Corporation by 28.1% during the first quarter, now owning 4,816 shares valued at approximately $1,060,000.
• Several analysts have updated their ratings and price targets for SBA Communications, with Bank of America lowering the stock to a "neutral" rating and setting a new price target of $230.
• SBA Communications has announced a quarterly dividend of $1.11, scheduled for payment on September 18th, reflecting an annualized yield of 2.2%.

Great Lakes Advisors LLC decreased its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 28.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,816 shares of the technology company's stock after selling 1,879 shares during the period. Great Lakes Advisors LLC's holdings in SBA Communications were worth $1,060,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Independence Bank of Kentucky bought a new position in SBA Communications in the first quarter worth approximately $28,000. Stone House Investment Management LLC bought a new position in SBA Communications in the first quarter worth approximately $33,000. Allworth Financial LP boosted its holdings in SBA Communications by 62.0% in the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after acquiring an additional 62 shares in the last quarter. NBC Securities Inc. boosted its holdings in SBA Communications by 1,575.0% in the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after acquiring an additional 189 shares in the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in SBA Communications in the first quarter worth approximately $47,000. Institutional investors own 97.35% of the company's stock.

SBA Communications Stock Up 1.7%

Shares of NASDAQ:SBAC traded up $3.36 during trading on Wednesday, hitting $202.54. The stock had a trading volume of 142,849 shares, compared to its average volume of 919,676. SBA Communications Corporation has a 12 month low of $186.81 and a 12 month high of $252.64. The company has a market capitalization of $21.75 billion, a PE ratio of 25.70, a PEG ratio of 1.87 and a beta of 0.80. The firm's fifty day moving average is $218.31 and its 200 day moving average is $223.85.

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 the consensus estimate of $3.10 by $0.07. The company had revenue of $698.98 million for the quarter, compared to the consensus estimate of $670.73 million. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The firm's quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.29 EPS. SBA Communications has set its FY 2025 guidance at EPS. Equities research analysts expect that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Dividend Announcement

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 paid a $1.11 dividend. The ex-dividend date is Thursday, August 21st. This represents a $4.44 annualized dividend and a dividend yield of 2.2%. SBA Communications's dividend payout ratio is presently 56.42%.

Wall Street Analyst Weigh In

SBAC has been the subject of several analyst reports. Scotiabank began coverage on SBA Communications in a research note on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price objective for the company. Barclays decreased their target price on SBA Communications from $257.00 to $226.00 and set an "overweight" rating for the company in a research report on Monday. Raymond James Financial set a $265.00 price target on SBA Communications and gave the stock a "strong-buy" rating in a report on Tuesday, August 5th. KeyCorp cut their price target on SBA Communications from $280.00 to $235.00 and set an "overweight" rating for the company in a report on Wednesday. Finally, UBS Group raised their price target on SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Two equities 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.com, SBA Communications presently has a consensus rating of "Moderate Buy" and an average price target of $251.63.

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.