SBA Communications Corporation $SBAC Shares Acquired by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 47.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,615,054 shares of the technology company’s stock after purchasing an additional 522,442 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in SBA Communications were worth $277,967,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. DV Equities LLC purchased a new position in shares of SBA Communications in the 4th quarter worth $29,000. Geneos Wealth Management Inc. lifted its stake in shares of SBA Communications by 105.0% in the 1st 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 in the last quarter. Fulcrum Asset Management LLP purchased a new stake in shares of SBA Communications during the 3rd quarter worth about $32,000. High Point Wealth Management LLC purchased a new stake in shares of SBA Communications during the 4th quarter worth about $39,000. Finally, Commonwealth Retirement Investments LLC acquired a new position in SBA Communications during the fourth quarter valued at approximately $39,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on SBAC shares. KeyCorp increased their price target on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Barclays boosted their price objective on SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Wells Fargo & Company raised SBA Communications from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $220.00 to $210.00 in a research report on Friday, July 17th. 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. Finally, The Goldman Sachs Group began coverage on shares of SBA Communications in a research report on Friday, June 26th. They set a “neutral” rating and a $205.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $235.28.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC opened at $173.57 on Friday. The company’s fifty day moving average is $192.13 and its two-hundred day moving average is $194.85. SBA Communications Corporation has a 1-year low of $162.41 and a 1-year high of $235.70. The stock has a market capitalization of $18.41 billion, a price-to-earnings ratio of 18.27, a price-to-earnings-growth ratio of 1.75 and a beta of 1.00.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Friday, May 22nd. SBA Communications’s dividend payout ratio (DPR) 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.