Woodline Partners LP Buys 298,738 Shares of SBA Communications Corporation $SBAC

Key Points

• Woodline Partners LP significantly increased its holdings in SBA Communications by 1,069.4%, owning 326,673 shares valued at approximately $71.87 million as of the last quarter.
• SBA Communications reported earnings of $3.17 EPS for the second quarter, exceeding analysts' expectations of $3.10, with revenues of nearly $698.98 million.
• The company announced a quarterly dividend of $1.11, with an annualized yield of 2.3%, payable on September 18th to shareholders of record as of August 21st.

Woodline Partners LP increased its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 1,069.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 326,673 shares of the technology company's stock after purchasing an additional 298,738 shares during the period. Woodline Partners LP owned approximately 0.30% of SBA Communications worth $71,871,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SBAC. Baird Financial Group Inc. increased its position in shares of SBA Communications by 25.2% in the fourth quarter. Baird Financial Group Inc. now owns 2,445 shares of the technology company's stock worth $498,000 after purchasing an additional 492 shares during the last quarter. Captrust Financial Advisors increased its position in shares of SBA Communications by 56.0% in 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. EP Wealth Advisors LLC increased its position in shares of SBA Communications by 5.4% in the fourth quarter. EP Wealth Advisors LLC now owns 2,438 shares of the technology company's stock worth $497,000 after purchasing an additional 126 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of SBA Communications in the fourth quarter worth approximately $713,000. Finally, Ethic Inc. increased its position in shares of SBA Communications by 29.1% in 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. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Trading Up 0.3%

SBAC traded up $0.53 during trading on Friday, reaching $199.97. The stock had a trading volume of 1,334,433 shares, compared to its average volume of 1,260,291. The stock's 50 day moving average is $219.72 and its two-hundred day moving average is $224.12. The company has a market capitalization of $21.47 billion, a price-to-earnings ratio of 25.41, a P/E/G ratio of 1.89 and a beta of 0.80. SBA Communications Corporation has a one year low of $186.81 and a one year high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.10 by $0.07. The business had revenue of $698.98 million during the quarter, compared to the consensus estimate of $670.73 million. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The firm's quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.29 earnings per share. SBA Communications has set its FY 2025 guidance at EPS. On average, equities research analysts predict that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Announces Dividend

The business 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 dividend of $1.11 per share. 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 dividend payout ratio (DPR) is presently 56.42%.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several research reports. Deutsche Bank Aktiengesellschaft lowered SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price for the company. in a research note on Tuesday, May 20th. Raymond James Financial set a $265.00 target price on SBA Communications and gave the stock a "strong-buy" rating in a research note on Tuesday, August 5th. JMP Securities set a $280.00 target price on SBA Communications and gave the stock a "market outperform" rating in a research note on Tuesday, August 5th. Morgan Stanley upped their target price on SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, UBS Group upped their target price on SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $256.38.

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.