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 the company in its most recent filing with the Securities and Exchange Commission. The firm 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 made changes to their positions in SBAC. Baird Financial Group Inc. grew its stake in shares of SBA Communications by 25.2% in the 4th quarter. Baird Financial Group Inc. now owns 2,445 shares of the technology company's stock valued at $498,000 after purchasing an additional 492 shares during the last quarter. Captrust Financial Advisors raised its holdings in SBA Communications by 56.0% during the fourth quarter. Captrust Financial Advisors now owns 6,738 shares of the technology company's stock worth $1,373,000 after purchasing an additional 2,420 shares during the last quarter. Ethic Inc. raised its holdings in SBA Communications by 29.1% during the fourth quarter. Ethic Inc. now owns 6,271 shares of the technology company's stock worth $1,278,000 after purchasing an additional 1,414 shares during the last quarter. Focus Partners Wealth acquired a new position in shares of SBA Communications in the fourth quarter worth $605,000. Finally, Janus Henderson Group PLC raised its holdings in shares of SBA Communications by 5.6% in the fourth quarter. Janus Henderson Group PLC now owns 182,792 shares of the technology company's stock worth $37,260,000 after acquiring an additional 9,688 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Bank of America lowered SBA Communications from a "buy" rating to a "neutral" rating and dropped their target price for the company from $260.00 to $230.00 in a research note on Wednesday, August 27th. Raymond James Financial set a $265.00 target price on SBA Communications and gave the stock a "strong-buy" rating in a research report on Tuesday, August 5th. JMP Securities set a $280.00 price target on SBA Communications and gave the company a "market outperform" rating in a report on Tuesday, August 5th. Barclays increased their price target on SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Finally, Citigroup reaffirmed an "outperform" rating on shares of SBA Communications in a report on Tuesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $256.38.

SBA Communications Trading Up 0.3%

NASDAQ:SBAC traded up $0.53 on Friday, hitting $199.97. 1,334,433 shares of the company's stock traded hands, compared to its average volume of 1,260,291. The company has a market cap of $21.47 billion, a PE ratio of 25.41, a price-to-earnings-growth ratio of 1.89 and a beta of 0.80. The firm has a 50-day moving average price of $219.72 and a 200-day moving average price of $224.06. SBA Communications Corporation has a 1 year low of $186.81 and a 1 year high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $670.73 million. During the same quarter in the prior year, the business posted $3.29 EPS. SBA Communications's quarterly revenue was up 5.8% on a year-over-year basis. SBA Communications has set its FY 2025 guidance at EPS. On average, research analysts forecast that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders 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 dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is presently 56.42%.

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.