Perpetual Ltd Grows Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Posted by Defense World Staff on Sep 25th, 2023

Perpetual Ltd grew its position in shares of SBA Communications Co. (NASDAQ:SBAC – Free Report) by 35.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,078 shares of the technology company’s stock after buying an additional 543 shares during the period. Perpetual Ltd’s holdings in SBA Communications were worth $482,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Carolinas Wealth Consulting LLC lifted its holdings in SBA Communications by 248.0% during the first quarter. Carolinas Wealth Consulting LLC now owns 87 shares of the technology company’s stock valued at $30,000 after purchasing an additional 62 shares during the last quarter. Ruedi Wealth Management Inc. bought a new stake in shares of SBA Communications in the fourth quarter valued at approximately $27,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of SBA Communications by 127.7% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 107 shares of the technology company’s stock valued at $28,000 after buying an additional 60 shares in the last quarter. Resurgent Financial Advisors LLC purchased a new position in SBA Communications in the 4th quarter valued at approximately $31,000. Finally, Ancora Advisors LLC raised its holdings in SBA Communications by 88.6% during the 1st quarter. Ancora Advisors LLC now owns 132 shares of the technology company’s stock valued at $37,000 after acquiring an additional 62 shares during the period. Institutional investors own 92.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SBAC. UBS Group dropped their price objective on SBA Communications from $335.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, August 1st. Morgan Stanley boosted their price objective on shares of SBA Communications from $308.00 to $311.00 and gave the company an “overweight” rating in a research note on Monday, September 11th. BMO Capital Markets lowered their target price on shares of SBA Communications from $260.00 to $250.00 and set a “market perform” rating on the stock in a research note on Tuesday, August 1st. TD Cowen reduced their price target on shares of SBA Communications from $329.00 to $327.00 and set an “outperform” rating for the company in a research report on Tuesday, August 1st. Finally, Bank of America lowered SBA Communications from a “buy” rating to a “neutral” rating and set a $245.00 price objective for the company. in a research note on Thursday, August 10th. Four analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $301.22.

View Our Latest Stock Report on SBA Communications

Insider Buying and Selling at SBA Communications

In other news, Director George R. Krouse, Jr. sold 371 shares of the business’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $229.30, for a total value of $85,070.30. Following the completion of the transaction, the director now owns 8,501 shares in the company, valued at $1,949,279.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.60% of the company’s stock.

SBA Communications Price Performance

Shares of SBAC stock opened at $201.11 on Monday. SBA Communications Co. has a 1-year low of $200.87 and a 1-year high of $312.34. The stock has a market capitalization of $21.80 billion, a PE ratio of 43.25 and a beta of 0.51. The business has a 50-day moving average of $221.57 and a 200 day moving average of $234.71.

SBA Communications (NASDAQ:SBAC – Get Free Report) last posted its quarterly earnings results on Monday, July 31st. The technology company reported $1.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.91 by ($1.04). The company had revenue of $678.50 million during the quarter, compared to analysts’ expectations of $676.87 million. SBA Communications had a negative return on equity of 9.68% and a net margin of 18.71%. SBA Communications’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.07 EPS. Analysts anticipate that SBA Communications Co. will post 12.13 EPS for the current year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Thursday, August 24th were given a $0.85 dividend. The ex-dividend date was Wednesday, August 23rd. This represents a $3.40 annualized dividend and a yield of 1.69%. SBA Communications’s dividend payout ratio (DPR) is presently 73.12%.

SBA Communications Profile

(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.