SBA Communications Corporation $SBAC Shares Acquired by Synovus Financial Corp

Key Points

• Synovus Financial Corp increased its stake in SBA Communications by 17.2%, owning 15,482 shares valued at approximately $3.4 million as of its latest SEC filing.
• SBA Communications reported $3.17 earnings per share for the last quarter, surpassing estimates, with a revenue of $698.98 million, an increase of 5.8% year-over-year.
• The company declared a quarterly dividend of $1.11 per share, set to be paid on September 18th, with an annual yield of 2.0% and a payout ratio of 56.42%.

Synovus Financial Corp boosted its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 17.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,482 shares of the technology company's stock after acquiring an additional 2,269 shares during the period. Synovus Financial Corp's holdings in SBA Communications were worth $3,406,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Walleye Capital LLC grew its stake in SBA Communications by 15.3% during the first quarter. Walleye Capital LLC now owns 77,320 shares of the technology company's stock valued at $17,011,000 after acquiring an additional 10,273 shares in the last quarter. Dodge & Cox grew its stake in SBA Communications by 15.5% during the first quarter. Dodge & Cox now owns 8,485,264 shares of the technology company's stock valued at $1,866,843,000 after acquiring an additional 1,139,009 shares in the last quarter. Jump Financial LLC grew its stake in SBA Communications by 111.1% during the first quarter. Jump Financial LLC now owns 2,920 shares of the technology company's stock valued at $642,000 after acquiring an additional 1,537 shares in the last quarter. SVB Wealth LLC purchased a new position in SBA Communications during the first quarter valued at $85,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in SBA Communications by 20.1% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 913 shares of the technology company's stock valued at $201,000 after acquiring an additional 153 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Trading Down 0.6%

Shares of SBAC stock traded down $1.19 during trading hours on Friday, reaching $204.85. 1,350,775 shares of the stock were exchanged, compared to its average volume of 956,245. SBA Communications Corporation has a 12-month low of $192.55 and a 12-month high of $252.64. The company's 50-day moving average price is $227.15 and its 200-day moving average price is $225.13. The firm has a market capitalization of $22.00 billion, a price-to-earnings ratio of 26.03, a price-to-earnings-growth ratio of 1.94 and a beta of 0.80.

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

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st will be issued 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 payout ratio is currently 56.42%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SBAC. Wells Fargo & Company lifted their price objective on shares of SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 5th. Morgan Stanley lifted their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Barclays lifted 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. UBS Group lifted their price objective on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Finally, Bank of America cut shares of SBA Communications from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $260.00 to $230.00 in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $256.38.

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.