SBA Communications hikes dividend by 24.7%

SBA Communications Corporation (SBAC) will raise its quarterly dividend by 24.7 percent to 58 cents per share in 2021. This follows a 25.7 percent dividend hike announced last year by the communications REIT.

The quarterly cash dividend of $0.58 per share of the Company’s Class A Common Stock is payable June 15, 2021 to the shareholders of record at the close of business on May 20, 2021. A new annual dividend rate of $2.32 per share will yield 0.8% at a stock price $295.

SBA Communications Corporation is a provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. The primary focus of the company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts. The company's other business line is its site development business, through which it assists wireless service providers in developing and maintaining their own wireless service networks. SBAC initiated a dividend in 2019 and competes with American Tower (AMT).