NEOS Investment Management LLC Purchases 4,202 Shares of SBA Communications Corporation $SBAC

NEOS Investment Management LLC grew its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 12.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,068 shares of the technology company’s stock after acquiring an additional 4,202 shares during the period. NEOS Investment Management LLC’s holdings in SBA Communications were worth $6,894,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Nykredit A S bought a new stake in shares of SBA Communications during the 2nd quarter valued at $8,623,000. Rehmann Capital Advisory Group bought a new position in SBA Communications in the 2nd quarter worth $216,000. Headlands Technologies LLC lifted its position in SBA Communications by 303.5% during the second quarter. Headlands Technologies LLC now owns 8,728 shares of the technology company’s stock valued at $1,540,000 after purchasing an additional 6,565 shares in the last quarter. Quantitative Investment Management LLC purchased a new position in SBA Communications during the second quarter valued at $408,000. Finally, New Mexico Educational Retirement Board grew its holdings in SBA Communications by 8.2% during the second quarter. New Mexico Educational Retirement Board now owns 5,300 shares of the technology company’s stock valued at $935,000 after purchasing an additional 400 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Price Performance

NASDAQ SBAC opened at $189.44 on Friday. SBA Communications Corporation has a 1-year low of $162.41 and a 1-year high of $224.46. The business has a 50 day simple moving average of $183.19 and a two-hundred day simple moving average of $194.18. The stock has a market capitalization of $20.10 billion, a PE ratio of 20.41, a P/E/G ratio of 1.89 and a beta of 0.99.

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

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, August 20th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $5.00 dividend on an annualized basis and a yield of 2.6%. SBA Communications’s dividend payout ratio is presently 53.88%.

Analysts Set New Price Targets

A number of brokerages have commented on SBAC. Barclays reduced their price target on SBA Communications from $245.00 to $208.00 and set an “overweight” rating for the company in a research report on Thursday, August 20th. JPMorgan Chase & Co. cut their price objective on SBA Communications from $230.00 to $220.00 and set a “neutral” rating for the company in a research note on Tuesday, August 4th. BMO Capital Markets reissued a “market perform” rating on shares of SBA Communications in a report on Monday, August 24th. Truist Financial decreased their target price on shares of SBA Communications from $248.00 to $238.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Finally, UBS Group downgraded shares of SBA Communications from a “market perform” rating to a “hold” rating in a report on Monday, August 24th. Seven analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, SBA Communications currently has an average rating of “Hold” and a consensus target price of $225.53.

Insider Transactions at SBA Communications

In other SBA Communications news, Director George R. Krouse, Jr. sold 300 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $182.67, for a total transaction of $54,801.00. Following the completion of the transaction, the director owned 8,512 shares in the company, valued at $1,554,887.04. This trade represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.50% of the stock is currently owned by insiders.

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.