First Trust Direct Indexing L.P. Reduces Position in SBA Communications Co. (NASDAQ:SBAC)

Posted by Defense World Staff on Jul 16th, 2023

First Trust Direct Indexing L.P. lessened its holdings in shares of SBA Communications Co. (NASDAQ:SBAC – Free Report) by 13.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,826 shares of the technology company’s stock after selling 291 shares during the period. First Trust Direct Indexing L.P.’s holdings in SBA Communications were worth $477,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SBAC. Raymond James Trust N.A. grew its stake in shares of SBA Communications by 19.0% in the 1st quarter. Raymond James Trust N.A. now owns 1,925 shares of the technology company’s stock valued at $662,000 after buying an additional 307 shares during the period. Vontobel Holding Ltd. boosted its position in shares of SBA Communications by 19.6% during the 1st quarter. Vontobel Holding Ltd. now owns 2,987 shares of the technology company’s stock worth $1,024,000 after purchasing an additional 489 shares during the period. Prudential PLC purchased a new position in shares of SBA Communications during the 1st quarter worth approximately $568,000. Sequoia Financial Advisors LLC purchased a new position in shares of SBA Communications during the 1st quarter worth approximately $234,000. Finally, Zions Bancorporation N.A. boosted its position in shares of SBA Communications by 157.6% during the 1st quarter. Zions Bancorporation N.A. now owns 322 shares of the technology company’s stock worth $111,000 after purchasing an additional 197 shares during the period. Hedge funds and other institutional investors own 92.52% of the company’s stock.

Wall Street Analyst Weigh In

SBAC has been the subject of a number of research analyst reports. Moffett Nathanson raised shares of SBA Communications from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $330.00 to $312.00 in a research report on Thursday, March 30th. StockNews.com initiated coverage on shares of SBA Communications in a research report on Thursday, May 18th. They set a “hold” rating for the company. Raymond James lowered their price objective on shares of SBA Communications from $334.00 to $330.00 in a research report on Tuesday, May 2nd. BMO Capital Markets assumed coverage on shares of SBA Communications in a research report on Thursday. They set a “market perform” rating and a $260.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of SBA Communications from $320.00 to $300.00 in a report on Friday, May 5th. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $316.20.

SBA Communications Trading Down 0.0 %

Shares of SBAC opened at $243.77 on Friday. SBA Communications Co. has a twelve month low of $215.11 and a twelve month high of $356.59. The firm’s fifty day simple moving average is $230.68 and its 200-day simple moving average is $256.76. The firm has a market capitalization of $26.41 billion, a price-to-earnings ratio of 71.28 and a beta of 0.51.

SBA Communications (NASDAQ:SBAC – Get Free Report) last announced its quarterly earnings data on Monday, May 1st. The technology company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.28). SBA Communications had a net margin of 13.91% and a negative return on equity of 7.01%. The firm had revenue of $675.52 million during the quarter, compared to analyst estimates of $672.47 million. During the same quarter in the previous year, the business posted $2.96 earnings per share. SBA Communications’s revenue for the quarter was up 9.0% compared to the same quarter last year. On average, analysts predict that SBA Communications Co. will post 11.77 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 21st. Investors of record on Friday, May 26th were given a $0.85 dividend. The ex-dividend date was Thursday, May 25th. This represents a $3.40 dividend on an annualized basis and a yield of 1.39%. SBA Communications’s dividend payout ratio (DPR) is presently 99.42%.

About SBA Communications

(Free Report)

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 in 16 markets throughout the Americas, Africa and the Philippines, SBA is listed on NASDAQ under the symbol SBAC.