SBA Communications Corporation $SBAC Stock Position Raised by LPL Financial LLC

Key Points

• LPL Financial LLC increased its stake in SBA Communications Corporation by 11.3%, holding a total of 19,707 shares valued at $4.34 million after adding 1,994 shares in Q1.
• Several hedge funds made significant moves in SBA Communications, with BROOKFIELD Corp ON increasing its position by 27,449.9%, now owning 991,245 shares worth around $202 million.
• The company recently announced a quarterly dividend of $1.11 per share, providing a 2.0% dividend yield to shareholders, with a payout ratio of 56.42%.

LPL Financial LLC grew its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 11.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,707 shares of the technology company's stock after acquiring an additional 1,994 shares during the period. LPL Financial LLC's holdings in SBA Communications were worth $4,336,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Raymond James Financial Inc. bought a new stake in SBA Communications in the fourth quarter valued at about $20,765,000. Mariner LLC grew its position in shares of SBA Communications by 17.6% in the 4th quarter. Mariner LLC now owns 6,118 shares of the technology company's stock worth $1,247,000 after acquiring an additional 917 shares in the last quarter. Canada Post Corp Registered Pension Plan bought a new stake in shares of SBA Communications in the 4th quarter valued at approximately $165,000. NewEdge Advisors LLC raised its position in shares of SBA Communications by 23.9% during the 4th quarter. NewEdge Advisors LLC now owns 1,276 shares of the technology company's stock valued at $260,000 after acquiring an additional 246 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in SBA Communications during the fourth quarter worth $49,297,000. Institutional investors own 97.35% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Raymond James Financial set a $265.00 target price on shares of SBA Communications and gave the company a "strong-buy" rating in a research note on Tuesday, August 5th. BMO Capital Markets raised their target price on shares of SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a report on Tuesday, April 29th. Morgan Stanley lifted their target price on SBA Communications from $255.00 to $260.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. JMP Securities set a $280.00 price target on SBA Communications and gave the stock a "market outperform" rating in a research report on Tuesday, August 5th. Finally, Scotiabank assumed coverage on SBA Communications in a research report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $258.25.

SBA Communications Price Performance

Shares of NASDAQ SBAC traded up $2.29 during mid-day trading on Tuesday, reaching $217.44. 148,454 shares of the company traded hands, compared to its average volume of 857,698. SBA Communications Corporation has a fifty-two week low of $192.55 and a fifty-two week high of $252.64. The firm has a market cap of $23.35 billion, a PE ratio of 27.63, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77. The stock has a fifty day simple moving average of $229.24 and a 200-day simple moving average of $224.40.

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

SBA Communications Announces Dividend

The firm 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. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $4.44 annualized dividend and a yield of 2.0%. SBA Communications's dividend payout ratio is currently 56.42%.

About SBA Communications

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.