Greenland Capital Management LP Purchases New Stake in SBA Communications Corporation $SBAC

Key Points

• Greenland Capital Management acquired 13,000 SBA Communications shares worth approximately $2.3 million during the second quarter. Institutional investors collectively own 97.35% of the company.
• Analyst sentiment is mixed: seven analysts rate SBAC a Buy and nine rate it a Hold, producing an overall “Hold” consensus and an average price target of $225.53.
• SBA Communications exceeded quarterly earnings and revenue expectations, reporting $1.87 in EPS and $715.27 million in revenue, while declaring a quarterly dividend of $1.25 per share, equivalent to a 2.6% yield.

Greenland Capital Management LP acquired a new position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 13,000 shares of the technology company's stock, valued at approximately $2,294,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Jones Financial Companies Lllp boosted its holdings in SBA Communications by 272.8% during the first quarter. Jones Financial Companies Lllp now owns 753 shares of the technology company's stock worth $166,000 after buying an additional 551 shares in the last quarter. Empowered Funds LLC lifted its position in shares of SBA Communications by 12.6% during the 1st quarter. Empowered Funds LLC now owns 2,041 shares of the technology company's stock valued at $449,000 after acquiring an additional 229 shares during the period. Focus Partners Wealth boosted its stake in shares of SBA Communications by 9.0% during the 1st quarter. Focus Partners Wealth now owns 3,236 shares of the technology company's stock worth $712,000 after acquiring an additional 266 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock worth $36,000 after acquiring an additional 84 shares during the period. Finally, First Trust Advisors LP increased its stake in SBA Communications by 11.3% in the 2nd quarter. First Trust Advisors LP now owns 94,692 shares of the technology company's stock valued at $22,238,000 after purchasing an additional 9,617 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on SBAC shares. Barclays lowered their target price on SBA Communications from $245.00 to $208.00 and set an "overweight" rating on the stock in a report on Thursday, August 20th. Truist Financial decreased their price objective on shares of SBA Communications from $248.00 to $238.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. UBS Group downgraded shares of SBA Communications from a "market perform" rating to a "hold" rating in a report on Monday, August 24th. Citigroup reaffirmed a "market perform" rating on shares of SBA Communications in a report on Tuesday, August 4th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of SBA Communications in a research note on Monday, July 20th. Seven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, SBA Communications presently has an average rating of "Hold" and an average target price of $225.53.

Insiders Place Their Bets

In other SBA Communications news, Director George R. Krouse, Jr. sold 300 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $182.67, for a total transaction of $54,801.00. Following the transaction, the director owned 8,512 shares of the company's stock, valued at $1,554,887.04. This represents a 3.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 9.50% of the company's stock.

SBA Communications Stock Performance

Shares of SBAC stock opened at $189.44 on Monday. The company has a market capitalization of $20.10 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 1.89 and a beta of 0.99. The firm has a 50-day moving average price of $183.19 and a 200 day moving average price of $194.13. SBA Communications Corporation has a twelve month low of $162.41 and a twelve month high of $224.46.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.02. The company had revenue of $715.27 million for the quarter, compared to analysts' expectations of $706.01 million. SBA Communications had a net margin of 34.51% and a negative return on equity of 20.67%. The firm's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period last year, the company earned $3.17 EPS. As a group, research analysts predict that SBA Communications Corporation will post 11.41 earnings per share for the current year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, August 20th will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Thursday, August 20th. SBA Communications's payout ratio is presently 53.88%.

SBA Communications Company 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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