Rakuten Investment Management Inc. Buys New Shares in SBA Communications Corporation $SBAC

Rakuten Investment Management Inc. bought a new position in shares of SBA Communications Corporation (NASDAQ:SBAC) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 29,380 shares of the technology company’s stock, valued at approximately $5,681,000.

Several other institutional investors also recently modified their holdings of SBAC. Chicago Partners Investment Group LLC lifted its position in shares of SBA Communications by 16.5% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,984 shares of the technology company’s stock valued at $577,000 after acquiring an additional 423 shares during the last quarter. Sage Mountain Advisors LLC raised its position in shares of SBA Communications by 18.6% during the third quarter. Sage Mountain Advisors LLC now owns 2,184 shares of the technology company’s stock worth $422,000 after purchasing an additional 342 shares during the period. Inscription Capital LLC raised its position in shares of SBA Communications by 208.6% during the third quarter. Inscription Capital LLC now owns 4,897 shares of the technology company’s stock worth $947,000 after purchasing an additional 3,310 shares during the period. Allstate Corp purchased a new stake in shares of SBA Communications during the third quarter valued at $775,000. Finally, Maryland State Retirement & Pension System boosted its position in shares of SBA Communications by 2.8% in the 3rd quarter. Maryland State Retirement & Pension System now owns 104,940 shares of the technology company’s stock valued at $20,290,000 after purchasing an additional 2,887 shares during the period. Institutional investors own 97.35% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on SBAC. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of SBA Communications in a research note on Friday, January 9th. UBS Group cut their price target on shares of SBA Communications from $275.00 to $260.00 and set a “buy” rating on the stock in a report on Tuesday. Citigroup decreased their price objective on shares of SBA Communications from $265.00 to $235.00 and set a “buy” rating for the company in a research note on Thursday, October 16th. TD Cowen reiterated a “buy” rating on shares of SBA Communications in a research report on Tuesday, November 4th. Finally, Wells Fargo & Company reduced their target price on SBA Communications from $215.00 to $205.00 and set an “equal weight” rating for the company in a report on Tuesday, December 16th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and an average target price of $235.18.

SBA Communications Stock Down 0.5%

SBA Communications stock opened at $185.29 on Friday. SBA Communications Corporation has a 12 month low of $179.89 and a 12 month high of $245.16. The stock has a market cap of $19.74 billion, a P/E ratio of 24.16, a P/E/G ratio of 1.64 and a beta of 0.87. The company’s fifty day simple moving average is $191.03 and its 200-day simple moving average is $202.18.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, November 3rd. The technology company reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.21 by $0.09. The business had revenue of $732.33 million during the quarter, compared to analyst estimates of $715.65 million. SBA Communications had a negative return on equity of 16.60% and a net margin of 29.69%.SBA Communications’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period last year, the company earned $3.32 earnings per share. On average, equities research analysts expect that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 11th. Stockholders of record on Thursday, November 13th were issued a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Thursday, November 13th. SBA Communications’s payout ratio is currently 57.89%.

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.