SBA Communications Corporation $SBAC Stock Holdings Trimmed by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management L L P NC reduced its stake in SBA Communications by 35.7%, selling 5,168 shares in the second quarter, resulting in total holdings worth approximately $2.19 million.
• SBA Communications reported earnings of $3.17 per share for the quarter, exceeding analysts' expectations of $3.10, along with a revenue of $698.98 million, a 5.8% increase from the previous year.
• The company declared a quarterly dividend of $1.11 per share, which was paid on August 21st, representing an annualized dividend yield of 2.2%.

Wedge Capital Management L L P NC trimmed its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 35.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,314 shares of the technology company's stock after selling 5,168 shares during the period. Wedge Capital Management L L P NC's holdings in SBA Communications were worth $2,187,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SBAC. JPMorgan Chase & Co. raised its stake in SBA Communications by 40.3% during the 1st quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company's stock valued at $1,314,265,000 after purchasing an additional 1,715,541 shares during the period. Dodge & Cox grew its stake in SBA Communications by 15.5% in the 1st quarter. Dodge & Cox now owns 8,485,264 shares of the technology company's stock valued at $1,866,843,000 after buying an additional 1,139,009 shares during the last quarter. Nuveen LLC bought a new position in SBA Communications in the first quarter valued at approximately $152,973,000. GAMMA Investing LLC raised its holdings in SBA Communications by 30,393.6% in the 1st quarter. GAMMA Investing LLC now owns 370,497 shares of the technology company's stock valued at $81,513,000 after buying an additional 369,282 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its position in shares of SBA Communications by 394.0% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 402,237 shares of the technology company's stock worth $88,497,000 after acquiring an additional 320,819 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SBAC. Bank of America downgraded SBA Communications from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $260.00 to $230.00 in a research report on Wednesday, August 27th. JMP Securities set a $280.00 price objective on SBA Communications and gave the company a "market outperform" rating in a research report on Tuesday, August 5th. KeyCorp reduced their price objective on SBA Communications from $280.00 to $235.00 and set an "overweight" rating for the company in a research note on Wednesday, September 17th. Barclays cut their price objective on SBA Communications from $257.00 to $226.00 and set an "overweight" rating for the company in a research report on Monday, September 15th. Finally, UBS Group raised their price target on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Two research 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. According to data from MarketBeat, SBA Communications currently has an average rating of "Moderate Buy" and an average target price of $251.63.

SBA Communications Price Performance

SBAC stock traded down $1.10 on Monday, reaching $198.00. 1,733,748 shares of the company were exchanged, compared to its average volume of 1,490,573. SBA Communications Corporation has a 12 month low of $186.81 and a 12 month high of $252.64. The stock's fifty day moving average price is $215.65 and its 200 day moving average price is $223.26. The firm has a market capitalization of $21.26 billion, a PE ratio of 25.16, a PEG ratio of 1.88 and a beta of 0.80.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its earnings results 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. The business had revenue of $698.98 million for the quarter, compared to the consensus estimate of $670.73 million. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The firm's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the previous year, the company earned $3.29 earnings per share. SBA Communications has set its FY 2025 guidance at EPS. As a group, research analysts expect that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 21st were issued a dividend of $1.11 per share. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.2%. SBA Communications's payout ratio 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.