Legacy Trust Decreases Stock Holdings in SBA Communications Corporation $SBAC

Legacy Trust lowered its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 10.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 10,859 shares of the technology company’s stock after selling 1,215 shares during the period. Legacy Trust’s holdings in SBA Communications were worth $2,550,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in shares of SBA Communications by 40.3% during the first 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 last quarter. Dodge & Cox grew its position in SBA Communications by 15.5% in the 1st quarter. Dodge & Cox now owns 8,485,264 shares of the technology company’s stock worth $1,866,843,000 after purchasing an additional 1,139,009 shares during the period. Nuveen LLC purchased a new stake in SBA Communications during the 1st quarter valued at $152,973,000. T. Rowe Price Investment Management Inc. lifted its holdings in shares of SBA Communications by 394.0% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 402,237 shares of the technology company’s stock valued at $88,497,000 after buying an additional 320,819 shares during the period. Finally, Woodline Partners LP lifted its holdings in shares of SBA Communications by 1,069.4% during the 1st quarter. Woodline Partners LP now owns 326,673 shares of the technology company’s stock valued at $71,871,000 after buying an additional 298,738 shares during the period. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Up 0.2%

Shares of SBAC stock opened at $192.09 on Friday. The company’s fifty day simple moving average is $208.42 and its two-hundred day simple moving average is $221.64. SBA Communications Corporation has a 52 week low of $186.81 and a 52 week high of $252.64. The stock has a market cap of $20.63 billion, a P/E ratio of 24.41, a PEG ratio of 1.82 and a beta of 0.82.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data 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. The firm had revenue of $698.98 million during the quarter, compared to analyst estimates of $670.73 million. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the business posted $3.29 earnings per share. SBA Communications has set its FY 2025 guidance at EPS. On average, analysts anticipate that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st were issued a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Thursday, August 21st. SBA Communications’s dividend payout ratio is 56.42%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SBAC. Citigroup reaffirmed an “outperform” rating on shares of SBA Communications in a report on Tuesday, August 5th. Royal Bank Of Canada cut their price target on SBA Communications from $255.00 to $235.00 and set an “outperform” rating for the company in a research note on Thursday. KeyCorp lowered their price objective on shares of SBA Communications from $280.00 to $235.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 17th. UBS Group raised their price objective 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. Finally, Morgan Stanley upped their target price on shares of SBA Communications from $255.00 to $260.00 and gave the company an “equal weight” rating in a report on Tuesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $249.07.

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.