Woodline Partners LP Increases Position in 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 boosted its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 1,069.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 326,673 shares of the technology company's stock after buying an additional 298,738 shares during the period. Woodline Partners LP owned 0.30% of SBA Communications worth $71,871,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of SBAC. Farther Finance Advisors LLC increased its position in shares of SBA Communications by 22.0% during the 1st quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after purchasing an additional 45 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of SBA Communications by 5.6% during the 1st quarter. Advisors Asset Management Inc. now owns 880 shares of the technology company's stock worth $194,000 after purchasing an additional 47 shares during the last quarter. Central Pacific Bank Trust Division increased its position in shares of SBA Communications by 2.3% during the 1st quarter. Central Pacific Bank Trust Division now owns 2,250 shares of the technology company's stock worth $495,000 after purchasing an additional 50 shares during the last quarter. Oakworth Capital Inc. increased its position in shares of SBA Communications by 25.8% during the 1st quarter. Oakworth Capital Inc. now owns 293 shares of the technology company's stock worth $64,000 after purchasing an additional 60 shares during the last quarter. Finally, Clear Creek Financial Management LLC increased its position in shares of SBA Communications by 6.0% during the 1st quarter. Clear Creek Financial Management LLC now owns 1,100 shares of the technology company's stock worth $242,000 after purchasing an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Citigroup reissued an "outperform" rating on shares of SBA Communications in a research note on Tuesday, August 5th. Wells Fargo & Company increased their target price on SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" 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 increased 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 increased 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 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $256.38.

SBA Communications Stock Up 0.3%

SBA Communications stock traded up $0.53 during midday trading on Friday, reaching $199.97. The company's stock had a trading volume of 1,334,433 shares, compared to its average volume of 916,406. SBA Communications Corporation has a fifty-two week low of $186.81 and a fifty-two week high of $252.64. The company has a market cap of $21.47 billion, a P/E ratio of 25.41, a P/E/G ratio of 1.84 and a beta of 0.80. The business has a 50-day simple moving average of $220.43 and a 200-day simple moving average of $224.19.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share 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 company had revenue of $698.98 million for the quarter, compared to analysts' expectations of $670.73 million. During the same period last year, the firm earned $3.29 earnings per share. 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. As a group, equities analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st will be issued a dividend of $1.11 per share. The ex-dividend date of this dividend 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%.

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.