Prudential Financial Inc. Has $15.32 Million Stock Position in SBA Communications Corporation $SBAC

Prudential Financial Inc. lifted its position in SBA Communications Corporation (NASDAQ:SBAC) by 11.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,221 shares of the technology company’s stock after buying an additional 6,739 shares during the period. Prudential Financial Inc.’s holdings in SBA Communications were worth $15,316,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Avantax Advisory Services Inc. grew its stake in SBA Communications by 5.2% in the first quarter. Avantax Advisory Services Inc. now owns 9,201 shares of the technology company’s stock valued at $2,024,000 after acquiring an additional 454 shares during the period. Cetera Investment Advisers lifted its holdings in shares of SBA Communications by 21.3% during the 1st quarter. Cetera Investment Advisers now owns 7,790 shares of the technology company’s stock valued at $1,714,000 after purchasing an additional 1,370 shares in the last quarter. Assetmark Inc. grew its position in shares of SBA Communications by 25.1% in the 1st quarter. Assetmark Inc. now owns 717 shares of the technology company’s stock valued at $158,000 after purchasing an additional 144 shares during the period. HB Wealth Management LLC increased its stake in SBA Communications by 40.6% during the 1st quarter. HB Wealth Management LLC now owns 1,784 shares of the technology company’s stock worth $392,000 after purchasing an additional 515 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in SBA Communications by 7.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,909 shares of the technology company’s stock worth $5,920,000 after buying an additional 1,871 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group reduced their price target on shares of SBA Communications from $250.00 to $220.00 and set a “neutral” rating for the company in a report on Wednesday, October 1st. Barclays reduced their target price on shares of SBA Communications from $226.00 to $219.00 and set an “overweight” rating for the company in a research note on Monday, November 17th. KeyCorp dropped their price target on SBA Communications from $280.00 to $235.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 17th. Morgan Stanley cut their price target on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating on the stock in a report on Thursday, October 16th. Finally, Cowen reiterated a “buy” rating on shares of SBA Communications in a report on Tuesday, November 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and a consensus target price of $238.06.

SBA Communications Price Performance

Shares of NASDAQ:SBAC opened at $194.79 on Thursday. The company’s 50-day moving average price is $194.77 and its two-hundred day moving average price is $213.57. SBA Communications Corporation has a one year low of $185.45 and a one year high of $245.16. The stock has a market capitalization of $20.75 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 2.01 and a beta of 0.80.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, November 3rd. The technology company reported $3.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.21 by $0.09. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The business had revenue of $732.33 million for the quarter, compared to the consensus estimate of $715.65 million. During the same quarter in the previous year, the business earned $3.32 earnings per share. SBA Communications’s quarterly revenue was up 9.7% on a year-over-year basis. SBA Communications has set its FY 2025 guidance at EPS. On average, analysts anticipate that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Thursday, November 13th will be paid a dividend of $1.11 per share. The ex-dividend date is Thursday, November 13th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.3%. SBA Communications’s dividend payout ratio is currently 57.89%.

SBA Communications Company 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.