Swiss National Bank Sells 17,200 Shares of SBA Communications Corporation $SBAC

Swiss National Bank decreased its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 5.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 309,800 shares of the technology company’s stock after selling 17,200 shares during the quarter. Swiss National Bank’s holdings in SBA Communications were worth $59,900,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. MAI Capital Management lifted its position in shares of SBA Communications by 7.9% during the 2nd quarter. MAI Capital Management now owns 680 shares of the technology company’s stock valued at $160,000 after acquiring an additional 50 shares during the period. Fortune Financial Advisors LLC increased its stake in SBA Communications by 2.4% in the third quarter. Fortune Financial Advisors LLC now owns 2,237 shares of the technology company’s stock valued at $432,000 after purchasing an additional 53 shares in the last quarter. Prestige Wealth Management Group LLC raised its position in shares of SBA Communications by 3.6% during the third quarter. Prestige Wealth Management Group LLC now owns 1,715 shares of the technology company’s stock worth $332,000 after purchasing an additional 60 shares during the period. Choreo LLC increased its holdings in SBA Communications by 1.1% during the 3rd quarter. Choreo LLC now owns 6,047 shares of the technology company’s stock worth $1,169,000 after purchasing an additional 63 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its holdings in SBA Communications by 12.5% during the 2nd quarter. Penserra Capital Management LLC now owns 587 shares of the technology company’s stock worth $137,000 after acquiring an additional 65 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SBAC. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of SBA Communications in a research report on Friday, January 9th. UBS Group dropped their price target on shares of SBA Communications from $275.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. Sanford C. Bernstein initiated coverage on SBA Communications in a research report on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price objective on the stock. Morgan Stanley reduced their target price on SBA Communications from $225.00 to $215.00 and set an “equal weight” rating for the company in a research report on Monday, March 2nd. Finally, Scotiabank lowered their price target on SBA Communications from $233.00 to $223.00 and set a “sector perform” rating on the stock in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and a consensus price target of $232.17.

SBA Communications Stock Performance

NASDAQ SBAC opened at $188.56 on Thursday. SBA Communications Corporation has a 52-week low of $177.49 and a 52-week high of $245.16. The company has a fifty day moving average of $191.08 and a 200-day moving average of $193.75. The company has a market capitalization 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 (NASDAQ:SBAC) last released its quarterly earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $719.58 million for the quarter, compared to the consensus estimate of $725.80 million. During the same quarter last year, the business posted $3.47 earnings per share. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, analysts forecast that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued 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 a positive change from SBA Communications’s previous quarterly dividend of $1.11. SBA Communications’s payout ratio is 46.59%.

About SBA Communications

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.