Nordea Investment Management AB Purchases 465,558 Shares of SBA Communications Corporation $SBAC

Nordea Investment Management AB grew its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 65.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,182,076 shares of the technology company’s stock after buying an additional 465,558 shares during the period. Nordea Investment Management AB owned 1.10% of SBA Communications worth $229,145,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. lifted its holdings in SBA Communications by 0.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 225,193 shares of the technology company’s stock valued at $43,541,000 after purchasing an additional 646 shares during the last quarter. Warwick Investment Management Inc. purchased a new position in shares of SBA Communications in the third quarter worth about $329,000. Legacy Trust increased its stake in shares of SBA Communications by 0.8% in the third quarter. Legacy Trust now owns 10,949 shares of the technology company’s stock worth $2,117,000 after purchasing an additional 90 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of SBA Communications by 4.1% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,808 shares of the technology company’s stock valued at $2,863,000 after purchasing an additional 584 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its position in shares of SBA Communications by 33.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 12,273 shares of the technology company’s stock valued at $2,373,000 after purchasing an additional 3,045 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Price Performance

Shares of NASDAQ:SBAC opened at $188.04 on Wednesday. The firm has a fifty day moving average price of $192.15 and a two-hundred day moving average price of $203.99. The company has a market cap of $20.04 billion, a price-to-earnings ratio of 24.52, a PEG ratio of 1.63 and a beta of 0.87. SBA Communications Corporation has a one year low of $179.89 and a one year high of $245.16.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, November 3rd. The technology company reported $3.30 earnings per share for the quarter, topping the consensus estimate of $3.21 by $0.09. SBA Communications had a net margin of 29.69% and a negative return on equity of 16.60%. The firm had revenue of $732.33 million for the quarter, compared to analysts’ expectations of $715.65 million. During the same quarter in the prior year, the firm posted $3.32 earnings per share. The business’s quarterly revenue was up 9.7% on a year-over-year basis. Equities research analysts expect that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Thursday, November 13th were issued a $1.11 dividend. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $4.44 annualized dividend and a dividend yield of 2.4%. SBA Communications’s dividend payout ratio (DPR) is presently 57.89%.

Analysts Set New Price Targets

Several research firms recently commented on SBAC. Cowen reaffirmed a “buy” rating on shares of SBA Communications in a report on Tuesday, November 4th. Weiss Ratings restated a “hold (c-)” rating on shares of SBA Communications in a research report on Friday. UBS Group cut their price target on SBA Communications from $285.00 to $275.00 and set a “buy” rating for the company in a report on Tuesday, October 14th. Morgan Stanley reduced their price target on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating for the company in a research report on Thursday, October 16th. Finally, Royal Bank Of Canada dropped their price objective on SBA Communications from $235.00 to $232.00 and set an “outperform” rating on the stock in a report on Monday, November 10th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, SBA Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $237.18.

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.