SBA Communications Corporation $SBAC Shares Bought by Allstate Corp

Allstate Corp grew its stake in SBA Communications Corporation (NASDAQ:SBAC) by 95.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp raised its stake in SBA Communications by 272.8% during the first quarter. Jones Financial Companies Lllp now owns 753 shares of the technology company’s stock worth $166,000 after purchasing an additional 551 shares during the period. Empowered Funds LLC increased its stake in SBA Communications by 12.6% during the 1st quarter. Empowered Funds LLC now owns 2,041 shares of the technology company’s stock worth $449,000 after buying an additional 229 shares during the period. Focus Partners Wealth increased its stake in SBA Communications by 9.0% during the 1st quarter. Focus Partners Wealth now owns 3,236 shares of the technology company’s stock worth $712,000 after buying an additional 266 shares during the period. Geneos Wealth Management Inc. grew its holdings in SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after acquiring an additional 84 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in SBA Communications by 11.3% during the 2nd quarter. First Trust Advisors LP now owns 94,692 shares of the technology company’s stock worth $22,238,000 after acquiring an additional 9,617 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SBAC. Morgan Stanley upped their target price on shares of SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a report on Thursday, April 9th. Weiss Ratings upgraded shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. Barclays upped their price target on shares of SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Scotiabank upped their price objective on shares of SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. Finally, KeyCorp upped their price objective on shares of SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $237.22.

SBA Communications Price Performance

SBA Communications stock opened at $203.16 on Friday. SBA Communications Corporation has a 12 month low of $162.41 and a 12 month high of $243.16. The company has a market cap of $21.55 billion, a PE ratio of 21.39, a P/E/G ratio of 2.04 and a beta of 1.03. The company has a fifty day moving average price of $204.11 and a two-hundred day moving average price of $196.01.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.25 by $0.22. The company had revenue of $719.58 million during the quarter, compared to the consensus estimate 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 for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.47 earnings per share. Equities research analysts anticipate that SBA Communications Corporation will post 11.42 earnings per share for the current year.

SBA Communications Announces Dividend

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

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.