First Trust Advisors LP lifted its holdings in SBA Communications Co. (NASDAQ:SBAC – Get Rating) by 49.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 50,974 shares of the technology company’s stock after buying an additional 16,823 shares during the quarter. First Trust Advisors LP’s holdings in SBA Communications were worth $14,510,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. raised its holdings in shares of SBA Communications by 1.9% in the third quarter. BlackRock Inc. now owns 9,673,900 shares of the technology company’s stock worth $2,753,678,000 after buying an additional 177,089 shares during the period. Blueshift Asset Management LLC bought a new position in SBA Communications in the third quarter worth approximately $349,000. Centersquare Investment Management LLC grew its stake in SBA Communications by 136.0% in the third quarter. Centersquare Investment Management LLC now owns 423,337 shares of the technology company’s stock worth $120,503,000 after purchasing an additional 243,923 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in SBA Communications by 57.0% in the third quarter. Commonwealth Equity Services LLC now owns 11,935 shares of the technology company’s stock worth $3,397,000 after purchasing an additional 4,332 shares in the last quarter. Finally, Horizon Investments LLC grew its stake in SBA Communications by 19.7% in the third quarter. Horizon Investments LLC now owns 1,081 shares of the technology company’s stock worth $308,000 after purchasing an additional 178 shares in the last quarter. 93.54% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on SBAC shares. KeyCorp dropped their price objective on SBA Communications from $319.00 to $297.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 22nd. Barclays dropped their price objective on SBA Communications from $336.00 to $330.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 22nd. Wolfe Research raised SBA Communications from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, January 24th. Credit Suisse Group dropped their target price on SBA Communications from $346.00 to $330.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on SBA Communications from $325.00 to $320.00 in a research report on Thursday, February 23rd. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of “Moderate Buy” and a consensus price target of $335.40.
SBA Communications Price Performance
SBA Communications (NASDAQ:SBAC – Get Rating) last issued its earnings results on Tuesday, February 21st. The technology company reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.88 by ($1.94). The firm had revenue of $686.10 million during the quarter, compared to analysts’ expectations of $681.40 million. SBA Communications had a negative return on equity of 8.58% and a net margin of 17.52%. The business’s revenue was up 15.3% on a year-over-year basis. During the same quarter last year, the business earned $2.81 EPS. On average, equities research analysts anticipate that SBA Communications Co. will post 11.74 earnings per share for the current fiscal year.
SBA Communications Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, March 24th. Investors of record on Friday, March 10th will be paid a $0.85 dividend. This is a positive change from SBA Communications’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Thursday, March 9th. This represents a $3.40 dividend on an annualized basis and a yield of 1.42%. SBA Communications’s dividend payout ratio (DPR) is 80.76%.
SBA Communications Company Profile
SBA Communications Corp. is a real estate investment trust, which engages in the provision of wireless communications infrastructures. It operates through the following business segments: Domestic Site Leasing, International Site Leasing, and Site Development. The Domestic Site Leasing segment includes AT&T, Sprint, T-Mobile, and Verizon Wireless.
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