Naviter Wealth LLC Boosts Stock Position in SBA Communications Corporation $SBAC

Naviter Wealth LLC boosted its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 15.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,866 shares of the technology company’s stock after purchasing an additional 905 shares during the period. Naviter Wealth LLC’s holdings in SBA Communications were worth $1,612,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Stone House Investment Management LLC purchased a new position in SBA Communications in the first quarter worth $33,000. Allworth Financial LP boosted its position in SBA Communications by 62.0% in the first quarter. Allworth Financial LP now owns 162 shares of the technology company’s stock worth $36,000 after purchasing an additional 62 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in 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 purchasing an additional 84 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in SBA Communications in the first quarter worth $47,000. Finally, Summit Securities Group LLC purchased a new position in SBA Communications in the first quarter worth $47,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $191.07 on Wednesday. SBA Communications Corporation has a 52-week low of $185.45 and a 52-week high of $252.64. The firm has a market cap of $20.52 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 1.98 and a beta of 0.82. The business’s fifty day moving average is $203.12 and its 200 day moving average is $220.23.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) 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 analyst estimates of $670.73 million. During the same period in the previous year, the company posted $3.29 EPS. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. SBA Communications has set its FY 2025 guidance at EPS. Equities analysts predict that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on SBAC. KeyCorp cut their price objective on SBA Communications from $280.00 to $235.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 17th. UBS Group lowered their target price on SBA Communications from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Tuesday. Bank of America lowered SBA Communications from a “buy” rating to a “neutral” rating and lowered their target price for the company from $260.00 to $230.00 in a research note on Wednesday, August 27th. Weiss Ratings restated a “hold (c-)” rating on shares of SBA Communications in a research note on Tuesday. Finally, Citigroup restated an “outperform” rating on shares of SBA Communications in a research note on Tuesday, August 5th. 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $248.40.

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.