Geode Capital Management LLC Buys 16,153 Shares of SBA Communications Corporation $SBAC

Geode Capital Management LLC increased its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 0.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,085,112 shares of the technology company’s stock after purchasing an additional 16,153 shares during the quarter. Geode Capital Management LLC owned about 2.90% of SBA Communications worth $594,655,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Elevation Wealth Partners LLC grew its stake in shares of SBA Communications by 523.8% during the fourth quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock valued at $25,000 after purchasing an additional 110 shares during the last quarter. Fulcrum Asset Management LLP bought a new stake in shares of SBA Communications during the third quarter valued at approximately $32,000. Geneos Wealth Management Inc. grew its stake in shares of SBA Communications by 105.0% during the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after purchasing an additional 84 shares during the last quarter. High Point Wealth Management LLC bought a new stake in shares of SBA Communications during the fourth quarter valued at approximately $39,000. Finally, Stance Capital LLC bought a new stake in shares of SBA Communications during the third quarter valued at approximately $45,000. 97.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SBAC. Wells Fargo & Company increased their price target 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. Weiss Ratings raised shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. Truist Financial reissued a “buy” rating and set a $248.00 price target (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. Scotiabank raised their price objective on shares of SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Finally, KeyCorp raised their price objective on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note 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 issued a Hold rating to the stock. Based on data from MarketBeat, SBA Communications has a consensus rating of “Moderate Buy” and an average price target of $237.22.

SBA Communications Stock Down 0.7%

Shares of NASDAQ:SBAC 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’s fifty day simple moving average is $204.11 and its 200 day simple moving average is $196.01. The firm has a market cap of $21.55 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 2.03 and a beta of 1.03.

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 analysts’ consensus estimates of $3.25 by $0.22. SBA Communications had a net margin of 35.66% and a negative return on equity of 20.90%. The business had revenue of $719.58 million for the quarter, compared to analyst estimates of $725.80 million. During the same period last year, the business posted $3.47 earnings per share. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. Research analysts expect that SBA Communications Corporation will post 11.42 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

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

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.