Clearbridge Investments LLC Acquires 88,438 Shares of SBA Communications Corporation $SBAC

Clearbridge Investments LLC boosted its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 29.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 384,521 shares of the technology company’s stock after purchasing an additional 88,438 shares during the period. Clearbridge Investments LLC owned about 0.36% of SBA Communications worth $74,378,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of SBA Communications by 2.3% in the third quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock valued at $3,511,920,000 after acquiring an additional 403,285 shares during the last quarter. Dodge & Cox raised its stake in shares of SBA Communications by 12.3% in the third quarter. Dodge & Cox now owns 9,667,297 shares of the technology company’s stock valued at $1,869,172,000 after acquiring an additional 1,058,803 shares during the last quarter. State Street Corp raised its stake in shares of SBA Communications by 3.0% in the third quarter. State Street Corp now owns 4,752,877 shares of the technology company’s stock valued at $918,969,000 after acquiring an additional 139,696 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of SBA Communications by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company’s stock valued at $594,655,000 after acquiring an additional 16,153 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its stake in shares of SBA Communications by 9.7% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company’s stock valued at $393,615,000 after acquiring an additional 179,591 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SBAC. Barclays lifted their target price on shares of SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. 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. Truist Financial reiterated a “buy” rating and issued a $248.00 target price (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. Scotiabank lifted their target price 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, Weiss Ratings raised shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, April 22nd. One equities research 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $237.22.

SBA Communications Stock Performance

Shares of SBA Communications stock opened at $200.10 on Tuesday. The firm has a fifty day moving average of $207.84 and a two-hundred day moving average of $196.15. The stock has a market capitalization of $21.22 billion, a price-to-earnings ratio of 21.06, a PEG ratio of 2.08 and a beta of 0.99. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $243.16.

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 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 payout ratio is presently 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.