104,553 Shares in SBA Communications Corporation $SBAC Bought by Walleye Capital LLC

Key Points

• Walleye Capital LLC disclosed a new stake in SBA Communications, buying 104,553 shares worth about $18.0 million in the first quarter.
• The stock was trading near $178.02 and remains well below its 52-week high of $243.16, while still carrying a market cap of about $18.88 billion.
• SBA Communications recently paid a $1.25 quarterly dividend and has a consensus analyst rating of Moderate Buy with a target price of $235.28.

Walleye Capital LLC purchased a new stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 104,553 shares of the technology company's stock, valued at approximately $17,995,000. Walleye Capital LLC owned approximately 0.10% of SBA Communications as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in SBAC. DV Equities LLC bought a new position in SBA Communications in the 4th quarter worth $29,000. Fulcrum Asset Management LLP bought a new stake in shares of SBA Communications during the 3rd quarter valued at about $32,000. Geneos Wealth Management Inc. increased its position 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 buying an additional 84 shares during the period. High Point Wealth Management LLC purchased a new position in shares of SBA Communications during the fourth quarter valued at about $39,000. Finally, Commonwealth Retirement Investments LLC bought a new position in SBA Communications in the fourth quarter worth about $39,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Up 0.7%

Shares of SBAC opened at $178.02 on Thursday. The stock has a market cap of $18.88 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.77 and a beta of 1.00. The business's 50 day moving average price is $193.18 and its 200-day moving average price is $195.12. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $243.16.

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 issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Friday, May 22nd. SBA Communications's payout ratio is 52.63%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Scotiabank raised their price objective on shares of SBA Communications from $223.00 to $230.00 and gave the stock a "sector perform" rating in a report on Friday, May 1st. 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. The Goldman Sachs Group initiated coverage on SBA Communications in a research note on Friday, June 26th. They issued a "neutral" rating and a $205.00 target price for the company. Truist Financial reaffirmed a "buy" rating and issued a $248.00 price target (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. Finally, Barclays increased their price objective on SBA Communications from $244.00 to $245.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $235.28.

SBA Communications 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.

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