Legal & General Group Plc Boosts Holdings in SBA Communications Corporation $SBAC

Legal & General Group Plc boosted its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 5.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,422,596 shares of the technology company’s stock after acquiring an additional 79,572 shares during the period. Legal & General Group Plc’s holdings in SBA Communications were worth $275,059,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of SBAC. Jones Financial Companies Lllp raised its position in shares of SBA Communications by 272.8% during the 1st quarter. Jones Financial Companies Lllp now owns 753 shares of the technology company’s stock worth $166,000 after purchasing an additional 551 shares during the last quarter. Empowered Funds LLC grew its holdings in SBA Communications by 12.6% during the 1st quarter. Empowered Funds LLC now owns 2,041 shares of the technology company’s stock valued at $449,000 after buying an additional 229 shares during the last quarter. Focus Partners Wealth increased its position in SBA Communications by 9.0% during the first quarter. Focus Partners Wealth now owns 3,236 shares of the technology company’s stock worth $712,000 after buying an additional 266 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after acquiring an additional 84 shares during the last quarter. Finally, Penserra Capital Management LLC lifted its position in shares of SBA Communications by 12.5% in the second quarter. Penserra Capital Management LLC now owns 587 shares of the technology company’s stock valued at $137,000 after acquiring an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

SBAC has been the topic of a number of analyst reports. Morgan Stanley decreased their price objective on SBA Communications from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Monday, March 2nd. Barclays cut their target price on shares of SBA Communications from $219.00 to $212.00 and set an “overweight” rating for the company in a research note on Monday, December 1st. Scotiabank decreased their price target on shares of SBA Communications from $233.00 to $223.00 and set a “sector perform” rating on the stock in a research note on Monday, March 2nd. Royal Bank Of Canada lifted their price target on shares of SBA Communications from $215.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, March 2nd. Finally, Wells Fargo & Company cut their price objective on shares of SBA Communications from $205.00 to $195.00 and set an “equal weight” rating for the company in a research report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, SBA Communications has an average rating of “Moderate Buy” and an average price target of $232.17.

SBA Communications Stock Down 2.7%

Shares of NASDAQ:SBAC opened at $188.56 on Thursday. The company has a market cap of $20.09 billion, a P/E ratio of 19.79, a P/E/G ratio of 1.93 and a beta of 0.86. SBA Communications Corporation has a 52 week low of $177.49 and a 52 week high of $245.16. The business has a fifty day simple moving average of $191.08 and a 200-day simple moving average of $193.75.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, beating the consensus estimate of $3.25 by $0.22. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The firm had revenue of $719.58 million during the quarter, compared to analyst estimates of $725.80 million. During the same period in the prior year, the firm posted $3.47 earnings per share. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. Sell-side analysts expect that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.7%. This is an increase from SBA Communications’s previous quarterly dividend of $1.11. SBA Communications’s dividend payout ratio is currently 46.59%.

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.