Federated Hermes Inc. Acquires 25,816 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Federated Hermes Inc. increased its holdings in SBA Communications Corporation by 27.4%, owning approximately $26.43 million worth of shares by the end of the first quarter.
• Several institutional investors significantly increased their stakes in the company, with 97.35% of the stock now held by such entities.
• SBA Communications has received multiple upgrades from analysts, with target prices ranging from $240.00 to $268.00, indicating a consensus rating of "Moderate Buy."

Federated Hermes Inc. boosted its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 27.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 120,122 shares of the technology company's stock after acquiring an additional 25,816 shares during the period. Federated Hermes Inc. owned approximately 0.11% of SBA Communications worth $26,428,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dodge & Cox boosted its holdings in shares of SBA Communications by 352.5% in the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after buying an additional 5,722,740 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of SBA Communications by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock valued at $586,827,000 after purchasing an additional 71,023 shares during the period. Deutsche Bank AG grew its holdings in SBA Communications by 5.9% during the fourth quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock worth $491,549,000 after purchasing an additional 134,624 shares during the period. Diamond Hill Capital Management Inc. increased its position in SBA Communications by 7.3% during the first quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company's stock worth $439,310,000 after buying an additional 135,682 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of SBA Communications by 11.5% during the 1st quarter. Victory Capital Management Inc. now owns 1,986,133 shares of the technology company's stock worth $436,969,000 after acquiring an additional 204,902 shares during the period. 97.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SBAC. UBS Group raised their target price on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Barclays lifted their target price on SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. BMO Capital Markets upped their price target 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. JMP Securities raised their target price on SBA Communications from $270.00 to $280.00 and gave the company a "market outperform" rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft downgraded SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective for the company. in a report on Tuesday, May 20th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $258.44.

SBA Communications Stock Performance

Shares of SBAC stock traded down $9.89 during mid-day trading on Tuesday, hitting $220.51. The company's stock had a trading volume of 1,149,282 shares, compared to its average volume of 860,183. SBA Communications Corporation has a 52-week low of $192.55 and a 52-week high of $252.64. The business has a 50-day moving average price of $231.26 and a 200 day moving average price of $223.10. The stock has a market cap of $23.69 billion, a price-to-earnings ratio of 30.25, a PEG ratio of 1.89 and a beta of 0.77.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.10 by $0.07. The firm had revenue of $698.98 million for the quarter, compared to the consensus estimate of $670.73 million. SBA Communications had a negative return on equity of 15.30% and a net margin of 29.29%. The company's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the business posted $3.29 EPS. Equities research analysts predict that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Announces Dividend

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