Mitsubishi UFJ Asset Management Co. Ltd. Buys 33,977 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in SBA Communications Corporation by 20.8%, acquiring an additional 33,977 shares during the first quarter, bringing their total ownership to 197,056 shares valued at $43.35 million.
• SBA Communications reported earnings per share of $3.17 for the last quarter, exceeding estimates and showing a year-over-year revenue increase of 5.8%.
• The company announced a quarterly dividend of $1.11 per share, representing an annualized yield of 2.0%, with a payout ratio of 56.42%.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 20.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 197,056 shares of the technology company's stock after acquiring an additional 33,977 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of SBA Communications worth $43,354,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Independence Bank of Kentucky bought a new position in shares of SBA Communications during the first quarter worth about $28,000. Allworth Financial LP boosted its position in SBA Communications by 62.0% during the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after acquiring an additional 62 shares during the last quarter. NBC Securities Inc. grew its stake in shares of SBA Communications by 1,575.0% during the 1st quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after acquiring an additional 189 shares in the last quarter. Wayfinding Financial LLC bought a new position in shares of SBA Communications during the 1st quarter worth approximately $51,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of SBA Communications by 22.0% in the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock valued at $55,000 after purchasing an additional 45 shares during the last quarter. 97.35% of the stock is owned by institutional investors.

SBA Communications Trading Down 1.0%

SBAC opened at $220.85 on Friday. The stock's fifty day simple moving average is $230.50 and its 200 day simple moving average is $223.47. SBA Communications Corporation has a 1-year low of $192.55 and a 1-year high of $252.64. The stock has a market cap of $23.73 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 2.03 and a beta of 0.77.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, beating the consensus estimate 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 net margin of 31.19% and a negative return on equity of 16.83%. The company's quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the company earned $3.29 earnings per share. Equities analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st will be issued a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Thursday, August 21st. SBA Communications's payout ratio is currently 56.42%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Scotiabank began coverage on shares of SBA Communications in a report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 target price for the company. Barclays increased their price objective on shares of SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Citigroup reaffirmed an "outperform" rating on shares of SBA Communications in a research report on Tuesday. Raymond James Financial set a $265.00 target price on SBA Communications and gave the stock a "strong-buy" rating in a report on Tuesday. Finally, Wells Fargo & Company raised their price target on SBA Communications from $225.00 to $235.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 5th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and a consensus target price of $258.25.

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.

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