American Assets Investment Management LLC Buys New Shares in SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• American Assets Investment Management LLC has purchased a new stake in SBA Communications Corporation amounting to approximately $4.70 million during the first quarter.
• SBA Communications recently announced a $1.11 quarterly dividend with a yield of 1.9%, payable on September 18th.
• The stock's recent performance includes a 0.8% increase, and it maintains a market cap of $24.76 billion with an average price target of $257.19 among analysts.

American Assets Investment Management LLC acquired a new position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 21,372 shares of the technology company's stock, valued at approximately $4,702,000.

A number of other large investors also recently bought and sold shares of the company. Avalon Trust Co acquired a new position in shares of SBA Communications during the 1st quarter worth $65,000. J. Safra Sarasin Holding AG grew its stake in shares of SBA Communications by 7.9% during the 1st quarter. J. Safra Sarasin Holding AG now owns 3,266 shares of the technology company's stock worth $719,000 after purchasing an additional 239 shares during the period. Banco Santander S.A. grew its stake in shares of SBA Communications by 11.0% during the 1st quarter. Banco Santander S.A. now owns 1,432 shares of the technology company's stock worth $315,000 after purchasing an additional 142 shares during the period. Baker Avenue Asset Management LP acquired a new position in shares of SBA Communications during the 1st quarter worth $251,000. Finally, Natixis Advisors LLC grew its stake in shares of SBA Communications by 24.4% during the 1st quarter. Natixis Advisors LLC now owns 100,464 shares of the technology company's stock worth $22,103,000 after purchasing an additional 19,686 shares during the period. Hedge funds and other institutional investors own 97.35% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on SBAC. UBS Group increased their price objective on shares of SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. JMP Securities set a $280.00 price objective on shares of SBA Communications and gave the company a "market outperform" rating in a research note on Tuesday. Raymond James Financial set a $265.00 price objective on shares of SBA Communications and gave the company a "strong-buy" rating in a research note on Tuesday. Bank of America began coverage on shares of SBA Communications in a research note on Monday, May 19th. They issued a "buy" rating and a $260.00 price objective on the stock. Finally, BMO Capital Markets increased their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research note on Tuesday, April 29th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $258.25.

SBA Communications Price Performance

Shares of SBAC traded up $3.37 on Thursday, reaching $223.14. 754,415 shares of the stock traded hands, compared to its average volume of 820,586. The firm has a market cap of $23.98 billion, a price-to-earnings ratio of 28.35, a P/E/G ratio of 2.02 and a beta of 0.77. SBA Communications Corporation has a 12 month low of $192.55 and a 12 month high of $252.64. The stock's 50-day moving average price is $230.70 and its 200-day moving average price is $223.19.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share for the quarter, beating analysts' consensus estimates of $3.10 by $0.07. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%. The firm had revenue of $698.98 million for the quarter, compared to analysts' expectations of $670.73 million. During the same period in the prior year, the business posted $3.29 earnings per share. The business's revenue was up 5.8% compared to the same quarter last year. As a group, equities research analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st will be given a dividend of $1.11 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.0%. SBA Communications's dividend payout ratio (DPR) is currently 60.91%.

SBA Communications Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.