United Services Automobile Association Invests $575,000 in SBA Communications Corporation $SBAC

Key Points

• United Services Automobile Association has acquired a new stake in SBA Communications Corporation, purchasing 2,650 shares valued at approximately $575,000 in the first quarter of 2023.
• Multiple large investors, including Vanguard Group and JPMorgan Chase & Co., have increased their holdings in SBA Communications, indicating strong institutional interest in the company.
• SBA Communications recently reported earnings that exceeded expectations, with an EPS of $3.17 for the quarter, and announced a quarterly dividend of $1.11 per share, representing an annualized yield of 2.3%.

United Services Automobile Association acquired a new stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 2,650 shares of the technology company's stock, valued at approximately $575,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBAC. Independence Bank of Kentucky acquired a new position in SBA Communications in the 1st quarter valued at $28,000. Stone House Investment Management LLC acquired a new position in shares of SBA Communications during the 1st quarter worth $33,000. Allworth Financial LP raised its holdings in shares of SBA Communications by 62.0% during the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after buying an additional 62 shares in the last quarter. NBC Securities Inc. raised its holdings in shares of SBA Communications by 1,575.0% during the 1st quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after buying an additional 189 shares in the last quarter. Finally, Zions Bancorporation National Association UT acquired a new position in shares of SBA Communications during the 1st quarter worth $47,000. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Stock Down 0.8%

Shares of NASDAQ SBAC traded down $1.59 during trading on Monday, reaching $198.38. The company had a trading volume of 420,011 shares, compared to its average volume of 912,666. The company's fifty day moving average price is $219.72 and its 200-day moving average price is $224.16. SBA Communications Corporation has a 12 month low of $186.81 and a 12 month high of $252.64. The stock has a market cap of $21.30 billion, a P/E ratio of 25.05, a PEG ratio of 1.89 and a beta of 0.80.

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, 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 for the quarter, compared to analyst estimates of $670.73 million. During the same quarter in the previous year, the company posted $3.29 EPS. The business's revenue was up 5.8% on a year-over-year basis. SBA Communications has set its FY 2025 guidance at EPS. As a group, equities analysts predict that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Dividend Announcement

The company 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 dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's dividend payout ratio is 56.42%.

Analysts Set New Price Targets

A number of research firms have recently commented on SBAC. 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. Wells Fargo & Company boosted their price target on SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 5th. Citigroup reissued an "outperform" rating on shares of SBA Communications in a report on Tuesday, August 5th. Morgan Stanley boosted their price target on SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft cut SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target for the company. in a report on Tuesday, May 20th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, SBA Communications presently has a consensus rating of "Moderate Buy" and an average target price of $254.44.

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.