M&T Bank Corp Increases Position in SBA Communications Corporation $SBAC

M&T Bank Corp grew its stake in SBA Communications Corporation (NASDAQ:SBAC) by 8,722.0% during the fourth quarter, HoldingsChannel reports. The fund owned 263,601 shares of the technology company’s stock after acquiring an additional 260,613 shares during the quarter. M&T Bank Corp’s holdings in SBA Communications were worth $50,988,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SBAC. Dodge & Cox increased its holdings in shares of SBA Communications by 12.3% in the 3rd quarter. Dodge & Cox now owns 9,667,297 shares of the technology company’s stock valued at $1,869,172,000 after acquiring an additional 1,058,803 shares during the period. Nordea Investment Management AB increased its holdings in shares of SBA Communications by 65.0% in the 3rd quarter. Nordea Investment Management AB now owns 1,182,076 shares of the technology company’s stock valued at $229,145,000 after acquiring an additional 465,558 shares during the period. Vanguard Group Inc. increased its holdings in shares of SBA Communications by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock valued at $3,511,920,000 after acquiring an additional 403,285 shares during the period. Diamond Hill Capital Management Inc. increased its holdings in shares of SBA Communications by 24.6% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,855,329 shares of the technology company’s stock valued at $358,728,000 after acquiring an additional 366,491 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in shares of SBA Communications by 36.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,267,351 shares of the technology company’s stock valued at $245,043,000 after acquiring an additional 336,071 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Price Performance

SBA Communications stock opened at $211.86 on Thursday. The stock has a market capitalization of $22.41 billion, a price-to-earnings ratio of 22.23, a PEG ratio of 2.11 and a beta of 0.88. SBA Communications Corporation has a 1-year low of $162.41 and a 1-year high of $245.16. The business has a fifty day moving average price of $196.44 and a 200-day moving average price of $192.99.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 earnings per share for the quarter, topping analysts’ consensus estimates of $3.25 by $0.22. The firm had revenue of $719.58 million during the quarter, compared to analysts’ expectations of $725.80 million. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the firm earned $3.47 EPS. On average, equities research analysts anticipate that SBA Communications Corporation will post 11.49 earnings per share for the current fiscal year.

SBA Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $5.00 dividend on an annualized basis and a yield of 2.4%. This is an increase from SBA Communications’s previous quarterly dividend of $1.11. SBA Communications’s payout ratio is presently 52.47%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SBAC. Royal Bank Of Canada lifted their price target on SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, March 2nd. Truist Financial raised SBA Communications from a “hold” rating to a “buy” rating and raised their price objective for the stock from $193.00 to $247.00 in a research report on Wednesday. Morgan Stanley raised their price objective on SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 9th. Wells Fargo & Company raised their price objective on SBA Communications from $195.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 7th. Finally, Scotiabank lowered their price objective on SBA Communications from $233.00 to $223.00 and set a “sector perform” rating for the company in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and a consensus target price of $236.47.

SBA Communications Company 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.