Saudi Central Bank Has $1.31 Million Position in SBA Communications Corporation $SBAC

Saudi Central Bank boosted its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 88.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,405 shares of the technology company’s stock after acquiring an additional 3,472 shares during the period. Saudi Central Bank’s holdings in SBA Communications were worth $1,307,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBAC. DV Equities LLC bought a new position in shares of SBA Communications in the fourth quarter valued at about $29,000. Geneos Wealth Management Inc. boosted its holdings in shares of SBA Communications by 105.0% during 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 period. Fulcrum Asset Management LLP acquired a new position in shares of SBA Communications in the third quarter valued at approximately $32,000. Raiffeisen Bank International AG grew its position in shares of SBA Communications by 184.8% in the second quarter. Raiffeisen Bank International AG now owns 188 shares of the technology company’s stock valued at $34,000 after purchasing an additional 122 shares during the last quarter. Finally, Commonwealth Retirement Investments LLC bought a new position in shares of SBA Communications during the fourth quarter worth approximately $39,000. 97.35% of the stock is owned by institutional investors.

SBA Communications Trading Down 0.4%

Shares of SBAC stock opened at $188.69 on Wednesday. The stock has a market cap of $20.02 billion, a P/E ratio of 20.33, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99. SBA Communications Corporation has a 1 year low of $162.41 and a 1 year high of $224.46. The stock has a 50 day simple moving average of $183.64 and a 200 day simple moving average of $193.97.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, August 3rd. The technology company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.02. The firm had revenue of $715.27 million for the quarter, compared to analyst estimates 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 was up 2.3% on a year-over-year basis. During the same quarter last year, the company earned $3.17 EPS. Analysts forecast that SBA Communications Corporation will post 11.41 EPS for the current year.

SBA Communications Announces Dividend

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

Insider Buying and Selling

In related news, Director George R. Krouse, Jr. sold 300 shares of the company’s stock in a transaction dated 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 sale, the director owned 8,512 shares of the company’s stock, valued at $1,554,887.04. This represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 9.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SBAC shares. Royal Bank Of Canada reduced their price target on SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a research note on Friday, July 10th. TD Cowen reiterated a “buy” rating on shares of SBA Communications in a research report on Tuesday, August 4th. The Goldman Sachs Group started coverage on SBA Communications in a report on Friday, June 26th. They set a “neutral” rating and a $205.00 target price for the company. Wolfe Research raised shares of SBA Communications from a “hold” rating to an “outperform” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of SBA Communications in a research note on Monday, July 20th. Seven investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, SBA Communications currently has an average rating of “Hold” and an average target price of $225.53.

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.