Citigroup Inc. Has $22.09 Million Position in SBA Communications Corporation (NASDAQ:SBAC)

Citigroup Inc. boosted its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 25.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 100,408 shares of the technology company's stock after purchasing an additional 20,098 shares during the quarter. Citigroup Inc. owned 0.09% of SBA Communications worth $22,091,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SBAC. Independence Bank of Kentucky acquired a new position in SBA Communications during the first quarter valued at approximately $28,000. Allworth Financial LP boosted its holdings in shares of SBA Communications by 62.0% in the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after buying an additional 62 shares during the period. NBC Securities Inc. boosted its holdings in shares of SBA Communications by 1,575.0% in the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after buying an additional 189 shares during the period. Wayfinding Financial LLC acquired a new position in shares of SBA Communications in the first quarter valued at approximately $51,000. Finally, Farther Finance Advisors LLC boosted its holdings in shares of SBA Communications by 22.0% in the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock valued at $55,000 after buying an additional 45 shares during the period. Institutional investors and hedge funds own 97.35% of the company's stock.

SBA Communications Trading Up 1.4%

Shares of NASDAQ:SBAC traded up $3.03 on Friday, hitting $219.94. The company had a trading volume of 791,328 shares, compared to its average volume of 848,663. SBA Communications Corporation has a 1-year low of $192.55 and a 1-year high of $252.64. The stock has a market cap of $23.63 billion, a price-to-earnings ratio of 27.95, a P/E/G ratio of 2.02 and a beta of 0.77. The stock has a 50 day moving average price of $229.43 and a 200 day moving average price of $224.10.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $698.98 million for the quarter, compared to analyst estimates of $670.73 million. During the same period last year, the firm earned $3.29 earnings per share. SBA Communications's revenue for the quarter was up 5.8% compared to the same quarter last year. Sell-side analysts anticipate 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. 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 of this dividend is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is currently 56.42%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SBAC shares. Raymond James Financial set a $265.00 price target on shares of SBA Communications and gave the company a "strong-buy" rating in a report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft cut shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target for the company. in a report on Tuesday, May 20th. UBS Group upped their price target 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. Barclays boosted their price objective on shares of SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Finally, Scotiabank initiated coverage on shares of SBA Communications in a research report on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and an average target price of $258.25.

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.