Legal & General Group Plc Has $289.96 Million Position in SBA Communications Corporation $SBAC

Legal & General Group Plc increased its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 5.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,499,036 shares of the technology company’s stock after buying an additional 76,440 shares during the quarter. Legal & General Group Plc’s holdings in SBA Communications were worth $289,959,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of SBA Communications by 2.3% during the third quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock worth $3,511,920,000 after purchasing an additional 403,285 shares during the period. Dodge & Cox boosted its holdings in shares of SBA Communications by 12.3% during the third quarter. Dodge & Cox now owns 9,667,297 shares of the technology company’s stock worth $1,869,172,000 after purchasing an additional 1,058,803 shares during the period. State Street Corp boosted its holdings in shares of SBA Communications by 3.0% during the third quarter. State Street Corp now owns 4,752,877 shares of the technology company’s stock worth $918,969,000 after purchasing an additional 139,696 shares during the period. Diamond Hill Capital Management Inc. boosted its holdings in shares of SBA Communications by 9.7% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company’s stock worth $393,615,000 after purchasing an additional 179,591 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of SBA Communications by 14.7% during the third quarter. Invesco Ltd. now owns 1,805,376 shares of the technology company’s stock worth $349,069,000 after purchasing an additional 231,838 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Stock Down 1.9%

NASDAQ SBAC opened at $201.73 on Wednesday. The stock has a market capitalization of $21.40 billion, a PE ratio of 21.23, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03. The company has a 50 day moving average price of $203.11 and a two-hundred day moving average price of $195.87. SBA Communications Corporation has a 12-month low of $162.41 and a 12-month high of $243.16.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.25 by $0.22. The firm had revenue of $719.58 million during the quarter, compared to analysts’ expectations of $725.80 million. SBA Communications had a net margin of 35.66% and a negative return on equity of 20.90%. The company’s revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company earned $3.47 earnings per share. As a group, equities analysts anticipate that SBA Communications Corporation will post 11.42 EPS for the current year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd will be paid a $1.25 dividend. The ex-dividend date is Friday, May 22nd. This represents a $5.00 dividend on an annualized basis and a yield of 2.5%. SBA Communications’s payout ratio is 52.63%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. KeyCorp raised their price target on shares of SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Barclays raised their price target on shares of SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Truist Financial restated a “buy” rating and set a $248.00 price target (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. Wells Fargo & Company lifted their target price on shares of SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 7th. Finally, Royal Bank Of Canada lifted their target price on shares of SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. One investment analyst has 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $237.22.

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.