M&T Bank Corp Buys 260,613 Shares of SBA Communications Corporation $SBAC

Key Points

• M&T Bank Corp increased its stake in SBA Communications by 8,722.0% in Q4, buying an additional 260,613 shares to hold 263,601 shares (about 0.25% of the company) worth roughly $50.99 million.
• Analyst views are mixed but overall constructive: MarketBeat reports a consensus rating of Moderate Buy with a $236.47 target, while recent price-target revisions range roughly from $223 to $244.
• SBA beat quarterly EPS estimates ($3.47 vs. $3.25) despite a slight revenue miss, and raised its quarterly dividend to $1.25 (annualized $5.00, ~2.4% yield).

M&T Bank Corp grew its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 8,722.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 263,601 shares of the technology company's stock after purchasing an additional 260,613 shares during the period. M&T Bank Corp owned approximately 0.25% of SBA Communications worth $50,988,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Fortune Financial Advisors LLC lifted its stake in shares of SBA Communications by 2.4% in the 3rd quarter. Fortune Financial Advisors LLC now owns 2,237 shares of the technology company's stock valued at $432,000 after purchasing an additional 53 shares during the last quarter. Prestige Wealth Management Group LLC raised its holdings in shares of SBA Communications by 3.6% in the third quarter. Prestige Wealth Management Group LLC now owns 1,715 shares of the technology company's stock worth $332,000 after buying an additional 60 shares during the period. Choreo LLC raised its holdings in shares of SBA Communications by 1.1% in the third quarter. Choreo LLC now owns 6,047 shares of the technology company's stock worth $1,169,000 after buying an additional 63 shares during the period. Norinchukin Bank The raised its holdings in shares of SBA Communications by 1.1% in the third 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 during the period. Finally, Versant Capital Management Inc raised its holdings in shares of SBA Communications by 4.1% in the third quarter. Versant Capital Management Inc now owns 1,761 shares of the technology company's stock worth $340,000 after buying an additional 70 shares during the period. 97.35% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Weiss Ratings reiterated a "hold (c-)" rating on shares of SBA Communications in a report on Wednesday, April 8th. Morgan Stanley increased their price target on SBA Communications from $215.00 to $225.00 and gave the stock an "equal weight" rating in a report on Thursday, April 9th. Scotiabank reduced their price target on SBA Communications from $233.00 to $223.00 and set a "sector perform" rating on the stock in a report on Monday, March 2nd. JPMorgan Chase & Co. reduced their price target on SBA Communications from $245.00 to $240.00 and set a "neutral" rating on the stock in a report on Monday, January 12th. Finally, Barclays increased their price target on SBA Communications from $212.00 to $244.00 and gave the stock an "overweight" rating in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $236.47.

SBA Communications Stock Down 0.6%

SBAC opened at $211.86 on Thursday. The stock's fifty day moving average is $196.44 and its two-hundred day moving average is $192.99. The company has a market capitalization of $22.41 billion, a P/E ratio of 22.23, a PEG ratio of 2.11 and a beta of 0.88. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $245.16.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, topping the consensus estimate of $3.25 by $0.22. The company had revenue of $719.58 million for the quarter, compared to the consensus estimate of $725.80 million. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.SBA Communications's quarterly revenue was up 3.7% on a year-over-year basis. During the same period last year, the business posted $3.47 EPS. Equities analysts anticipate that SBA Communications Corporation will post 11.49 earnings per share for the current year.

SBA Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.4%. The ex-dividend date was Friday, March 13th. This is an increase from SBA Communications's previous quarterly dividend of $1.11. SBA Communications's dividend payout ratio (DPR) is 52.47%.

About SBA Communications

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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