Magellan Asset Management Ltd Sells 425 Shares of SBA Communications Corporation $SBAC

Magellan Asset Management Ltd decreased its position in SBA Communications Corporation (NASDAQ:SBAC) by 0.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 81,422 shares of the technology company’s stock after selling 425 shares during the period. Magellan Asset Management Ltd owned about 0.08% of SBA Communications worth $19,121,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SBAC. CVA Family Office LLC lifted its position in SBA Communications by 106.3% in the 2nd quarter. CVA Family Office LLC now owns 130 shares of the technology company’s stock valued at $31,000 after acquiring an additional 67 shares in the last quarter. Stone House Investment Management LLC bought a new stake in SBA Communications during the first quarter valued at about $33,000. Allworth Financial LP grew its holdings in SBA Communications by 62.0% during the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company’s stock valued at $36,000 after buying an additional 62 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after buying an additional 84 shares in the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in shares of SBA Communications during the first quarter worth $47,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Trading Up 1.4%

NASDAQ:SBAC opened at $197.40 on Friday. The company has a market cap of $21.20 billion, a price-to-earnings ratio of 25.08, a price-to-earnings-growth ratio of 2.01 and a beta of 0.80. SBA Communications Corporation has a twelve month low of $185.45 and a twelve month high of $245.16. The stock has a fifty day simple moving average of $195.08 and a 200-day simple moving average of $217.18.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, November 3rd. The technology company reported $3.30 EPS for the quarter, topping the consensus estimate of $3.21 by $0.09. The company had revenue of $732.33 million for the quarter, compared to the consensus estimate of $715.65 million. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The firm’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm posted $3.32 EPS. SBA Communications has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Thursday, November 13th will be issued a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Thursday, November 13th. SBA Communications’s payout ratio is presently 57.89%.

Analyst Upgrades and Downgrades

SBAC has been the topic of several research analyst reports. TD Cowen decreased their price target on shares of SBA Communications from $249.00 to $237.00 and set a “buy” rating on the stock in a research note on Tuesday. The Goldman Sachs Group dropped their price target on SBA Communications from $250.00 to $220.00 and set a “neutral” rating for the company in a research note on Wednesday, October 1st. Scotiabank began coverage on SBA Communications in a research note on Thursday, July 17th. They issued a “sector perform” rating and a $252.00 price objective on the stock. KeyCorp decreased their price objective on SBA Communications from $280.00 to $235.00 and set an “overweight” rating on the stock in a report on Wednesday, September 17th. Finally, BMO Capital Markets cut their target price on shares of SBA Communications from $215.00 to $210.00 and set a “market perform” rating for the company in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $238.69.

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.