Truist Financial Corp Sells 215 Shares of SBA Communications Corporation $SBAC

Truist Financial Corp reduced its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 5.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,464 shares of the technology company’s stock after selling 215 shares during the period. Truist Financial Corp’s holdings in SBA Communications were worth $814,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SBAC. Vanguard Group Inc. grew its holdings in shares of SBA Communications by 1.5% in the first quarter. Vanguard Group Inc. now owns 17,666,669 shares of the technology company’s stock worth $3,886,844,000 after purchasing an additional 268,018 shares during the last quarter. Dodge & Cox grew its holdings 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 acquiring an additional 1,139,009 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in SBA Communications by 40.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company’s stock worth $1,314,265,000 after acquiring an additional 1,715,541 shares during the last quarter. Diamond Hill Capital Management Inc. grew its holdings in SBA Communications by 7.3% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company’s stock worth $439,310,000 after acquiring an additional 135,682 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in SBA Communications by 11.5% in the 1st quarter. Victory Capital Management Inc. now owns 1,986,133 shares of the technology company’s stock worth $436,969,000 after acquiring an additional 204,902 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SBAC has been the topic of a number of recent analyst reports. Scotiabank initiated coverage on shares of SBA Communications in a report on Thursday, July 17th. They issued a “sector perform” rating and a $252.00 price target on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of SBA Communications in a report on Saturday, September 27th. UBS Group raised their price target 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. Barclays cut their price target on shares of SBA Communications from $257.00 to $226.00 and set an “overweight” rating on the stock in a report on Monday, September 15th. Finally, The Goldman Sachs Group cut their price target on shares of SBA Communications from $250.00 to $220.00 and set a “neutral” rating on the stock in a report on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $249.07.

SBA Communications Trading Down 0.5%

Shares of SBAC stock opened at $188.12 on Tuesday. SBA Communications Corporation has a 12 month low of $185.45 and a 12 month high of $252.64. The stock has a market cap of $20.20 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 1.99 and a beta of 0.82. The company’s fifty day moving average price is $203.68 and its 200-day moving average price is $220.44.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, beating analysts’ consensus estimates of $3.10 by $0.07. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The firm had revenue of $698.98 million for the quarter, compared to analysts’ expectations of $670.73 million. During the same quarter in the previous year, the business posted $3.29 EPS. The company’s quarterly revenue was up 5.8% on a year-over-year basis. SBA Communications has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 21st were given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Thursday, August 21st. SBA Communications’s dividend payout ratio (DPR) is 56.42%.

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.