T. Rowe Price Investment Management Inc. Boosts Holdings in SBA Communications Corporation $SBAC

Key Points

• T. Rowe Price Investment Management Inc. significantly increased its stake in SBA Communications Corporation, acquiring 320,819 shares and boosting its ownership by 394.0% during the first quarter.
• Analysts generally maintain a positive outlook on SBA Communications, with a consensus target price of $258.25 and two analysts rating it as a Strong Buy.
• SBA Communications recently announced a quarterly dividend of $1.11, reflecting a dividend yield of 2.0% and a payout ratio of 56.42%.

T. Rowe Price Investment Management Inc. lifted its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 394.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 402,237 shares of the technology company's stock after purchasing an additional 320,819 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 0.37% of SBA Communications worth $88,497,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Independence Bank of Kentucky purchased a new position in SBA Communications during the first quarter worth about $28,000. Stone House Investment Management LLC purchased a new position in SBA Communications during the first quarter worth about $33,000. Allworth Financial LP boosted 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 worth $36,000 after buying an additional 62 shares during the period. NBC Securities Inc. boosted its stake in SBA Communications by 1,575.0% during the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after buying an additional 189 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new position in SBA Communications during the first quarter worth about $47,000. Hedge funds and other institutional investors own 97.35% of the company's stock.

SBA Communications Stock Performance

SBAC stock traded up $1.98 during midday trading on Friday, reaching $222.87. 513,463 shares of the company were exchanged, compared to its average volume of 860,258. SBA Communications Corporation has a 1-year low of $192.55 and a 1-year high of $252.64. The stock's 50-day simple moving average is $228.85 and its 200 day simple moving average is $224.85. The company has a market cap of $23.93 billion, a price-to-earnings ratio of 28.32, a price-to-earnings-growth ratio of 2.05 and a beta of 0.77.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share for the quarter, topping 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 for the quarter, compared to analysts' expectations of $670.73 million. During the same quarter last year, the company earned $3.29 earnings per share. 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, research analysts anticipate that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st will be given a dividend of $1.11 per share. The ex-dividend date is Thursday, August 21st. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.0%. SBA Communications's dividend payout ratio (DPR) is 56.42%.

Analyst Ratings Changes

Several brokerages have recently issued reports on SBAC. 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. Raymond James Financial set a $265.00 target price on shares of SBA Communications and gave the company a "strong-buy" rating in a report on Tuesday, August 5th. Barclays raised their target price on shares of SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Wells Fargo & Company raised their target price on shares of SBA Communications from $225.00 to $235.00 and gave the company an "equal weight" rating in a report on Tuesday, August 5th. Finally, Scotiabank assumed coverage on shares of SBA Communications in a report 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 issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $258.25.

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.