OFI Invest Asset Management Takes Position in SBA Communications Corporation $SBAC

OFI Invest Asset Management purchased a new stake in SBA Communications Corporation (NASDAQ:SBAC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 92,619 shares of the technology company’s stock, valued at approximately $17,915,000. OFI Invest Asset Management owned approximately 0.09% of SBA Communications at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fortune Financial Advisors LLC boosted its position in shares of SBA Communications by 2.4% in the 3rd quarter. Fortune Financial Advisors LLC now owns 2,237 shares of the technology company’s stock valued at $432,000 after purchasing an additional 53 shares during the period. Prestige Wealth Management Group LLC boosted its position in shares of SBA Communications by 3.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 1,715 shares of the technology company’s stock valued at $332,000 after purchasing an additional 60 shares during the period. Choreo LLC boosted its position in shares of SBA Communications by 1.1% in the 3rd quarter. Choreo LLC now owns 6,047 shares of the technology company’s stock valued at $1,169,000 after purchasing an additional 63 shares during the period. Norinchukin Bank The boosted its position in shares of SBA Communications by 1.1% in the 3rd quarter. Norinchukin Bank The now owns 6,037 shares of the technology company’s stock valued at $1,167,000 after purchasing an additional 68 shares during the period. Finally, Versant Capital Management Inc boosted its position in shares of SBA Communications by 4.1% in the 3rd quarter. Versant Capital Management Inc now owns 1,761 shares of the technology company’s stock valued at $340,000 after purchasing an additional 70 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Price Performance

SBAC opened at $218.71 on Thursday. SBA Communications Corporation has a fifty-two week low of $162.41 and a fifty-two week high of $245.16. The business has a 50-day moving average of $189.60 and a 200-day moving average of $191.33. The company has a market capitalization of $23.14 billion, a PE ratio of 22.95, a price-to-earnings-growth ratio of 2.02 and a beta of 0.88.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results 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. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The company had revenue of $719.58 million during the quarter, compared to the consensus estimate of $725.80 million. During the same period last year, the business earned $3.47 EPS. The business’s quarterly revenue was up 3.7% on a year-over-year basis. On average, equities research analysts expect that SBA Communications Corporation will post 12.57 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. Stockholders of record on Friday, March 13th were paid a dividend of $1.25 per share. This is a boost from SBA Communications’s previous quarterly dividend of $1.11. The ex-dividend date of this dividend was Friday, March 13th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.3%. SBA Communications’s dividend payout ratio (DPR) is 52.47%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on SBAC shares. Scotiabank decreased their price target 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. Truist Financial assumed coverage on SBA Communications in a research report on Tuesday, March 31st. They issued a “hold” rating and a $193.00 price target for the company. UBS Group decreased their price objective on SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a research report on Tuesday, January 20th. 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. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of SBA Communications in a research report on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $231.42.

About SBA Communications

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.