Oppenheimer Asset Management Inc. Acquires 4,504 Shares of SBA Communications Corporation $SBAC

Oppenheimer Asset Management Inc. lifted its stake in SBA Communications Corporation (NASDAQ:SBAC) by 226.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,489 shares of the technology company’s stock after acquiring an additional 4,504 shares during the period. Oppenheimer Asset Management Inc.’s holdings in SBA Communications were worth $1,524,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of SBA Communications by 1.5% during the first quarter. Vanguard Group Inc. now owns 17,666,669 shares of the technology company’s stock valued at $3,886,844,000 after buying an additional 268,018 shares during the last quarter. Dodge & Cox raised its stake in shares of SBA Communications by 15.5% during 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 in the last quarter. JPMorgan Chase & Co. lifted its position in SBA Communications by 40.3% during the first quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company’s stock valued at $1,314,265,000 after acquiring an additional 1,715,541 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its stake in SBA Communications by 7.3% in the first quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company’s stock valued at $439,310,000 after acquiring an additional 135,682 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in SBA Communications by 11.5% in the first quarter. Victory Capital Management Inc. now owns 1,986,133 shares of the technology company’s stock valued at $436,969,000 after acquiring an additional 204,902 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Trading Up 0.4%

SBA Communications stock opened at $191.14 on Friday. The firm has a market cap of $20.52 billion, a PE ratio of 24.29, a P/E/G ratio of 2.01 and a beta of 0.82. SBA Communications Corporation has a 12 month low of $185.45 and a 12 month high of $245.16. The stock’s 50 day simple moving average is $197.34 and its two-hundred day simple moving average is $218.50.

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

SBA Communications Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Bank of America downgraded SBA Communications from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $260.00 to $230.00 in a research note on Wednesday, August 27th. Morgan Stanley decreased their price target on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Barclays dropped their price target on SBA Communications from $257.00 to $226.00 and set an “overweight” rating on the stock in a research note on Monday, September 15th. Citigroup cut their price objective on shares of SBA Communications from $265.00 to $235.00 and set a “buy” rating on the stock in a report on Thursday, October 16th. Finally, JMP Securities set a $280.00 target price on shares of SBA Communications and gave the stock a “market outperform” rating in a research note on Tuesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $241.07.

SBA Communications 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.