Diamond Hill Capital Management LLC Investment Advisor Buys New Shares in SBA Communications Corporation $SBAC

Diamond Hill Capital Management LLC Investment Advisor bought a new position in shares of SBA Communications Corporation (NASDAQ:SBAC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,294,155 shares of the technology company’s stock, valued at approximately $228,367,000. SBA Communications comprises approximately 1.8% of Diamond Hill Capital Management LLC Investment Advisor’s holdings, making the stock its 13th largest position. Diamond Hill Capital Management LLC Investment Advisor owned 1.22% of SBA Communications as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. DV Equities LLC bought a new position in shares of SBA Communications in the 4th quarter valued at about $29,000. Fulcrum Asset Management LLP bought a new stake in shares of SBA Communications in the 3rd quarter valued at about $32,000. Geneos Wealth Management Inc. raised its holdings in shares of SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after purchasing an additional 84 shares during the period. CX Institutional lifted its stake in SBA Communications by 44.2% in the 2nd quarter. CX Institutional now owns 212 shares of the technology company’s stock valued at $37,000 after purchasing an additional 65 shares during the last quarter. Finally, High Point Wealth Management LLC acquired a new stake in SBA Communications in the 4th quarter valued at about $39,000. 97.35% of the stock is owned by institutional investors.

SBA Communications Stock Performance

NASDAQ SBAC opened at $185.20 on Monday. The company has a market cap of $19.65 billion, a price-to-earnings ratio of 19.96, a PEG ratio of 1.85 and a beta of 0.99. The company has a 50 day moving average of $185.46 and a 200-day moving average of $194.30. SBA Communications Corporation has a 1-year low of $162.41 and a 1-year high of $225.33.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, August 3rd. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.02. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.51%.The business had revenue of $715.27 million for the quarter, compared to the consensus estimate of $706.01 million. During the same quarter in the prior year, the business posted $3.17 earnings per share. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities research analysts forecast that SBA Communications Corporation will post 11.41 earnings per share for the current year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Thursday, August 20th will be given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Thursday, August 20th. SBA Communications’s dividend payout ratio is presently 53.88%.

Analysts Set New Price Targets

SBAC has been the topic of a number of recent analyst reports. Wolfe Research raised SBA Communications from a “hold” rating to an “outperform” rating in a research report on Tuesday, August 4th. Citigroup reiterated a “market perform” rating on shares of SBA Communications in a research note on Tuesday, August 4th. Barclays boosted their target price on SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. KeyCorp increased their price target on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, TD Cowen reaffirmed a “buy” rating on shares of SBA Communications in a report on Tuesday, August 4th. Eight equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $228.12.

SBA Communications Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.