State of New Jersey Common Pension Fund D Trims Stake in SBA Communications Corporation $SBAC

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in SBA Communications Corporation by 6.0% to 36,214 shares, valued at approximately $7.97 million.
• SBA Communications has received favorable ratings from several analysts, with price targets ranging from $235.00 to $265.00 and a consensus rating of "Moderate Buy".
• The company reported stronger-than-expected earnings of $3.17 EPS for the last quarter, surpassing analysts' estimates, and has announced a quarterly dividend of $1.11 per share.

State of New Jersey Common Pension Fund D cut its holdings in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 6.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 36,214 shares of the technology company's stock after selling 2,306 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in SBA Communications were worth $7,967,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of SBAC. Raymond James Financial Inc. acquired a new position in shares of SBA Communications during the 4th quarter worth approximately $20,765,000. Mariner LLC grew its holdings in shares of SBA Communications by 17.6% during the 4th quarter. Mariner LLC now owns 6,118 shares of the technology company's stock worth $1,247,000 after purchasing an additional 917 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of SBA Communications by 23.9% during the 4th quarter. NewEdge Advisors LLC now owns 1,276 shares of the technology company's stock worth $260,000 after purchasing an additional 246 shares in the last quarter. GeoWealth Management LLC lifted its position in shares of SBA Communications by 51.5% during the 4th quarter. GeoWealth Management LLC now owns 1,248 shares of the technology company's stock worth $254,000 after buying an additional 424 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in shares of SBA Communications by 113.8% during the 4th quarter. First Trust Advisors LP now owns 82,442 shares of the technology company's stock worth $16,802,000 after buying an additional 43,885 shares during the last quarter. Institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Citigroup reiterated an "outperform" rating on shares of SBA Communications in a research report on Tuesday, August 5th. Bank of America assumed coverage on SBA Communications in a research report on Monday, May 19th. They set a "buy" rating and a $260.00 price objective for the company. JMP Securities set a $280.00 target price on SBA Communications and gave the stock a "market outperform" rating in a research note on Tuesday, August 5th. Morgan Stanley raised their target price on SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, Scotiabank assumed coverage on SBA Communications in a research note on Thursday, July 17th. They set a "sector perform" rating and a $252.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of "Moderate Buy" and an average target price of $258.25.

SBA Communications Stock Performance

SBA Communications stock traded up $1.7850 during mid-day trading on Friday, reaching $222.6750. The stock had a trading volume of 334,895 shares, compared to its average volume of 856,715. SBA Communications Corporation has a fifty-two week low of $192.55 and a fifty-two week high of $252.64. The stock's 50-day simple moving average is $228.95 and its 200-day simple moving average is $224.52. The firm has a market capitalization of $23.91 billion, a PE ratio of 28.34, a price-to-earnings-growth ratio of 2.06 and a beta of 0.77.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $698.98 million during the quarter, compared to analysts' expectations of $670.73 million. During the same quarter last year, the firm posted $3.29 earnings per share. The company's revenue for the quarter was up 5.8% compared to the same quarter last year. SBA Communications has set its FY 2025 guidance at EPS. On average, research analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) 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.