Korea Investment CORP Buys 37,057 Shares of SBA Communications Corporation $SBAC

Key Points

• Korea Investment CORP increased its stake in SBA Communications (NASDAQ:SBAC) by 64.2%, buying 37,057 shares to hold 94,748 shares (about $18.32M), and institutional investors now own 97.35% of the company.
• SBA raised its quarterly dividend to $1.25 per share (annualized $5.00), a 2.6% yield, with record date March 13 and payment on March 27.
• The company reported $3.47 EPS, beating estimates by $0.22 while revenue slightly missed, and analysts maintain a consensus "Moderate Buy" with an average price target of $232.17 despite several recent target cuts.

Korea Investment CORP increased its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 64.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,748 shares of the technology company's stock after buying an additional 37,057 shares during the period. Korea Investment CORP owned 0.09% of SBA Communications worth $18,320,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Quent Capital LLC purchased a new stake in SBA Communications in the 3rd quarter valued at about $27,000. Geneos Wealth Management Inc. increased its position in shares of SBA Communications by 105.0% during the first 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. SJS Investment Consulting Inc. purchased a new position in shares of SBA Communications during the third quarter worth approximately $48,000. Center for Financial Planning Inc. bought a new stake in shares of SBA Communications during the third quarter valued at approximately $50,000. Finally, Avalon Trust Co bought a new stake in shares of SBA Communications during the third quarter valued at approximately $58,000. Institutional investors own 97.35% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SBAC shares. Wells Fargo & Company dropped their price objective on SBA Communications from $205.00 to $195.00 and set an "equal weight" rating on the stock in a research note on Friday, February 27th. UBS Group decreased their target price on SBA Communications from $275.00 to $260.00 and set a "buy" rating for the company in a research report on Tuesday, January 20th. Barclays lowered their target price on SBA Communications from $219.00 to $212.00 and set an "overweight" rating for the company in a report on Monday, December 1st. Scotiabank cut their price target on SBA Communications from $233.00 to $223.00 and set a "sector perform" rating on the stock in a research note on Monday, March 2nd. Finally, Sanford C. Bernstein initiated coverage on SBA Communications in a report on Thursday, March 5th. They issued a "market perform" rating and a $218.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and an average price target of $232.17.

SBA Communications Stock Performance

NASDAQ SBAC opened at $193.70 on Wednesday. The company has a market cap of $20.64 billion, a PE ratio of 20.33, a P/E/G ratio of 1.96 and a beta of 0.86. The firm's 50 day moving average price is $191.18 and its 200-day moving average price is $193.78. SBA Communications Corporation has a 52-week low of $177.49 and a 52-week high of $245.16.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, topping analysts' consensus estimates of $3.25 by $0.22. The company had revenue of $719.58 million during the quarter, compared to the consensus estimate of $725.80 million. SBA Communications had a net margin of 36.40% and a negative return on equity of 20.81%. SBA Communications's revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.47 earnings per share. On average, analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a dividend of $1.25 per share. This is an increase from SBA Communications's previous quarterly dividend of $1.11. The ex-dividend date is Friday, March 13th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.6%. SBA Communications's dividend payout ratio (DPR) is currently 46.59%.

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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