Modera Wealth Management LLC Has $1.38 Million Stock Holdings in SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Modera Wealth Management LLC increased its stake in SBA Communications Corporation by 38.1%, holding a total of $1.38 million across 6,271 shares at the end of the most recent quarter.
• SBA Communications has a market capitalization of $24.15 billion, with a fifty-two week trading range between $192.55 and $252.64.
• Analysts have a consensus rating of "Moderate Buy" on SBA Communications, with a consensus price target of $257.19.

Modera Wealth Management LLC lifted its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 38.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,271 shares of the technology company's stock after buying an additional 1,730 shares during the period. Modera Wealth Management LLC's holdings in SBA Communications were worth $1,380,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SBAC. Bayforest Capital Ltd boosted its holdings in SBA Communications by 420.8% in the 1st quarter. Bayforest Capital Ltd now owns 1,729 shares of the technology company's stock valued at $380,000 after purchasing an additional 1,397 shares during the period. XTX Topco Ltd bought a new stake in SBA Communications in the first quarter worth $2,865,000. Banque Cantonale Vaudoise bought a new stake in SBA Communications in the first quarter worth $2,442,000. Federated Hermes Inc. increased its position in shares of SBA Communications by 27.4% during the first quarter. Federated Hermes Inc. now owns 120,122 shares of the technology company's stock valued at $26,428,000 after buying an additional 25,816 shares during the period. Finally, Mackenzie Financial Corp increased its position in shares of SBA Communications by 12.9% during the first quarter. Mackenzie Financial Corp now owns 10,403 shares of the technology company's stock valued at $2,289,000 after buying an additional 1,191 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Wall Street Zen cut shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Wells Fargo & Company raised their target price on shares of SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" rating in a report on Tuesday. Bank of America started coverage on shares of SBA Communications in a research report on Monday, May 19th. They issued a "buy" rating and a $260.00 price objective on the stock. Barclays boosted their target price on shares of SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Finally, Morgan Stanley boosted their target price on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $258.44.

SBA Communications Stock Performance

SBAC stock traded down $9.88 during trading on Tuesday, hitting $220.53. The stock had a trading volume of 1,149,282 shares, compared to its average volume of 860,183. 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 $23.70 billion, a price-to-earnings ratio of 30.25, a price-to-earnings-growth ratio of 1.89 and a beta of 0.77. The company's 50 day moving average price is $231.26 and its two-hundred day moving average price is $223.10.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share for the quarter, topping the consensus estimate of $3.10 by $0.07. The firm had revenue of $698.98 million for the quarter, compared to analyst estimates of $670.73 million. SBA Communications had a negative return on equity of 15.30% and a net margin of 29.29%. The firm's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the company earned $3.29 earnings per share. As a group, sell-side analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 21st will be paid a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.0%. SBA Communications's dividend payout ratio is 60.91%.

SBA Communications Company Profile

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.