Baker Avenue Asset Management LP Makes New $251,000 Investment in SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Baker Avenue Asset Management LP purchased 1,139 shares of SBA Communications, valued at approximately $251,000, during the 1st quarter, joining several other institutional investors who recently adjusted their holdings in the company.
• Analysts have mixed views on SBA Communications' stock, with Deutsche Bank downgrading it to a "hold" while Citigroup and Raymond James raised their price targets, resulting in a current average price target of $257.19.
• SBA Communications announced a quarterly dividend of $1.11 per share, reflecting a dividend yield of 1.9%, with a payout ratio of 60.91%.

Baker Avenue Asset Management LP purchased a new stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,139 shares of the technology company's stock, valued at approximately $251,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in SBAC. American Assets Investment Management LLC bought a new stake in SBA Communications in the first quarter worth about $4,702,000. Natixis Advisors LLC raised its stake in shares of SBA Communications by 24.4% in the first 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 last quarter. Modera Wealth Management LLC grew its position in shares of SBA Communications by 38.1% during the 1st quarter. Modera Wealth Management LLC now owns 6,271 shares of the technology company's stock valued at $1,380,000 after acquiring an additional 1,730 shares during the period. Bayforest Capital Ltd grew its holdings in SBA Communications by 420.8% during the 1st quarter. Bayforest Capital Ltd now owns 1,729 shares of the technology company's stock valued at $380,000 after buying an additional 1,397 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in SBA Communications during the first quarter valued at approximately $2,865,000. Institutional investors own 97.35% of the company's stock.

Analyst Upgrades and Downgrades

SBAC has been the topic of several recent analyst reports. Wells Fargo & Company upped their target price on SBA Communications from $225.00 to $235.00 and gave the company an "equal weight" rating in a research report on Tuesday. Bank of America assumed coverage on shares of SBA Communications in a research note on Monday, May 19th. They set a "buy" rating and a $260.00 target price for the company. Barclays boosted their price target on shares of SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. UBS Group raised their target price on shares of SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft cut shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price on the stock. in a report on Tuesday, May 20th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $258.25.

SBA Communications Stock Up 1.5%

SBAC traded up $3.40 on Thursday, hitting $223.17. 436,001 shares of the company traded hands, compared to its average volume of 865,189. The company has a 50 day moving average of $230.84 and a 200-day moving average of $223.05. SBA Communications Corporation has a 12-month low of $192.55 and a 12-month high of $252.64. The stock has a market capitalization of $23.98 billion, a PE ratio of 28.36, a PEG ratio of 1.82 and a beta of 0.77.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share for the quarter, beating the consensus estimate of $3.10 by $0.07. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The company had revenue of $698.98 million during the quarter, compared to analyst estimates of $670.73 million. During the same quarter last year, the firm posted $3.29 EPS. The business's revenue for the quarter was up 5.8% on a year-over-year basis. On average, research analysts anticipate that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Dividend Announcement

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

SBA Communications Company 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.