Mirae Asset Global Investments Co. Ltd. Purchases 28,584 Shares of SBA Communications Corporation $SBAC

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of SBA Communications Corporation (NASDAQ:SBAC) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 28,584 shares of the technology company’s stock, valued at approximately $4,577,000.

A number of other institutional investors have also modified their holdings of SBAC. J. Safra Sarasin Holding AG raised its stake in shares of SBA Communications by 4.0% during the 1st quarter. J. Safra Sarasin Holding AG now owns 1,596 shares of the technology company’s stock valued at $275,000 after buying an additional 62 shares during the last quarter. CX Institutional lifted its holdings in shares of SBA Communications by 44.2% in the 2nd quarter. CX Institutional now owns 212 shares of the technology company’s stock valued at $37,000 after buying an additional 65 shares during the period. GAMMA Investing LLC boosted its stake in shares of SBA Communications by 5.7% in the second quarter. GAMMA Investing LLC now owns 1,289 shares of the technology company’s stock worth $227,000 after buying an additional 70 shares during the last quarter. North Dakota State Investment Board boosted its stake in shares of SBA Communications by 2.5% in the third quarter. North Dakota State Investment Board now owns 3,227 shares of the technology company’s stock worth $517,000 after buying an additional 78 shares during the last quarter. Finally, Everhart Financial Group Inc. grew its holdings in SBA Communications by 5.6% during the second quarter. Everhart Financial Group Inc. now owns 1,525 shares of the technology company’s stock worth $269,000 after acquiring an additional 81 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Stock Down 1.2%

Shares of SBA Communications stock opened at $193.08 on Friday. SBA Communications Corporation has a twelve month low of $156.60 and a twelve month high of $224.46. The business has a 50-day moving average price of $179.75 and a 200 day moving average price of $189.98. The firm has a market cap of $20.48 billion, a PE ratio of 20.83, a P/E/G ratio of 1.96 and a beta of 0.97.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, November 2nd. The technology company reported $2.19 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.10. The company had revenue of $713.92 million during the quarter, compared to analysts’ expectations of $724.07 million. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.54%. SBA Communications’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.30 EPS. On average, sell-side analysts expect that SBA Communications Corporation will post 11.40 EPS for the current year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Thursday, November 12th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Thursday, November 12th. SBA Communications’s dividend payout ratio is presently 53.88%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SBAC shares. Morgan Stanley dropped their target price on SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a report on Monday, September 21st. Jefferies Financial Group raised SBA Communications to a “hold” rating in a report on Thursday, October 15th. Citigroup restated a “market outperform” rating on shares of SBA Communications in a research report on Tuesday. Wells Fargo & Company set a $200.00 price objective on SBA Communications in a research report on Tuesday. Finally, Truist Financial dropped their price objective on shares of SBA Communications from $238.00 to $235.00 and set a “buy” rating on the stock in a research note on Wednesday. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, SBA Communications presently has an average rating of “Moderate Buy” and a consensus price target of $224.64.

Insider Buying and Selling at SBA Communications

In other news, Director George R. Krouse, Jr. sold 300 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $182.67, for a total transaction of $54,801.00. Following 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 9.50% of the stock is currently owned by insiders.

SBA Communications Profile

SBA Communications Corporation is a real estate investment trust that owns and operates wireless communications infrastructure. The company’s portfolio primarily consists of wireless communications towers and related sites that support cellular, wireless broadband, and other communications equipment.

SBA Communications leases antenna space on its towers to wireless service providers, government agencies, and other communications companies. It also provides site development services, including zoning, permitting, construction, and project management, as well as tower construction and acquisition services in selected markets.

Founded in 1989 and headquartered in Boca Raton, Florida, SBA Communications serves customers across the United States and in parts of Central and South America.