Magellan Asset Management Ltd Raises Stake in SBA Communications Corporation $SBAC

Key Points

• Magellan Asset Management increased its stake in SBA Communications by 19.9% in the first quarter, adding 18,693 shares to bring its total holdings to 112,722 shares worth about $19.4 million.
• SBA Communications stock fell 2.8% to open at $176.82, well below its 52-week high of $243.16, while still carrying a market cap of $18.75 billion.
• The company paid a quarterly dividend of $1.25, equal to an annualized yield of 2.8%, and Wall Street currently has a Moderate Buy consensus rating with a target price of $235.28.

Magellan Asset Management Ltd grew its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 19.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 112,722 shares of the technology company's stock after purchasing an additional 18,693 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.11% of SBA Communications worth $19,401,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. J. Safra Sarasin Holding AG lifted its stake in shares of SBA Communications by 4.0% during the 1st quarter. J. Safra Sarasin Holding AG now owns 1,596 shares of the technology company's stock valued at $275,000 after buying an additional 62 shares in the last quarter. Norinchukin Bank The increased its stake in SBA Communications by 1.1% in the 3rd quarter. Norinchukin Bank The now owns 6,037 shares of the technology company's stock worth $1,167,000 after buying an additional 68 shares in the last quarter. Fortune Financial Advisors LLC increased its stake in SBA Communications by 3.3% in the 4th quarter. Fortune Financial Advisors LLC now owns 2,310 shares of the technology company's stock worth $447,000 after buying an additional 73 shares in the last quarter. Larson Financial Group LLC increased its stake in SBA Communications by 47.6% in the 4th quarter. Larson Financial Group LLC now owns 248 shares of the technology company's stock worth $48,000 after buying an additional 80 shares in the last quarter. Finally, Quarry LP raised its holdings in SBA Communications by 20.3% during the fourth quarter. Quarry LP now owns 475 shares of the technology company's stock valued at $92,000 after acquiring an additional 80 shares during the period. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Down 2.8%

SBAC stock opened at $176.82 on Wednesday. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $243.16. The firm has a market capitalization of $18.75 billion, a P/E ratio of 18.61, a price-to-earnings-growth ratio of 1.82 and a beta of 1.00. The company has a fifty day simple moving average of $193.77 and a two-hundred day simple moving average of $195.23.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 22nd were given a $1.25 dividend. The ex-dividend date was Friday, May 22nd. This represents a $5.00 annualized dividend and a yield of 2.8%. SBA Communications's dividend payout ratio (DPR) is currently 52.63%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SBAC shares. Weiss Ratings restated a "hold (c)" rating on shares of SBA Communications in a research report on Monday. Wells Fargo & Company raised SBA Communications from an "equal weight" rating to an "overweight" rating and decreased their target price for the company from $220.00 to $210.00 in a research note on Friday. Barclays boosted their price target on SBA Communications from $244.00 to $245.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. KeyCorp upped their price target on SBA Communications from $235.00 to $250.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Finally, The Goldman Sachs Group initiated coverage on shares of SBA Communications in a report on Friday, June 26th. They set a "neutral" rating and a $205.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $235.28.

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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