Allstate Corp Has $1.51 Million Holdings in SBA Communications Corporation $SBAC

Allstate Corp lifted its position in SBA Communications Corporation (NASDAQ:SBAC) by 95.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,821 shares of the technology company’s stock after purchasing an additional 3,813 shares during the quarter. Allstate Corp’s holdings in SBA Communications were worth $1,513,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Aberdeen Group plc grew its holdings in shares of SBA Communications by 12.4% during the fourth quarter. Aberdeen Group plc now owns 202,452 shares of the technology company’s stock worth $39,160,000 after purchasing an additional 22,293 shares during the last quarter. Nordea Investment Management AB boosted its holdings in SBA Communications by 5.4% during the fourth quarter. Nordea Investment Management AB now owns 1,245,399 shares of the technology company’s stock worth $241,234,000 after buying an additional 63,323 shares during the last quarter. OFI Invest Asset Management acquired a new stake in shares of SBA Communications during the fourth quarter worth about $17,915,000. VCI Wealth Management LLC acquired a new stake in shares of SBA Communications during the fourth quarter worth about $1,786,000. Finally, ProShare Advisors LLC raised its position in SBA Communications by 27.5% in the 3rd quarter. ProShare Advisors LLC now owns 38,988 shares of the technology company’s stock valued at $7,538,000 after buying an additional 8,404 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Stock Down 0.7%

Shares of SBA Communications stock opened at $203.16 on Friday. The company has a market cap of $21.55 billion, a PE ratio of 21.39, a price-to-earnings-growth ratio of 2.04 and a beta of 1.03. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $243.16. The business has a 50 day moving average price of $204.11 and a 200-day moving average price of $196.01.

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

SBA Communications Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SBAC. Morgan Stanley raised their price target on SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research note on Thursday, April 9th. KeyCorp lifted their price objective on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Royal Bank Of Canada boosted their price target on SBA Communications from $215.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, March 2nd. Scotiabank upped their target price on SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a report on Friday, May 1st. Finally, Truist Financial reiterated a “buy” rating and issued a $248.00 price target (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, SBA Communications 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.