Nuveen LLC Buys Shares of 695,298 SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Nuveen LLC has made a significant investment in SBA Communications Corporation, acquiring approximately 695,298 shares valued at around $152.97 million, representing about 0.65% ownership of the company.
• SBA Communications announced a quarterly dividend of $1.11 per share, with an annualized dividend yield of 2.0%, reflecting a payout ratio of 56.42%.
• The company recently reported earnings of $3.17 per share, exceeding expectations, with revenue of $698.98 million for the quarter, a year-over-year increase of 5.8%.

Nuveen LLC bought a new stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 695,298 shares of the technology company's stock, valued at approximately $152,973,000. Nuveen LLC owned approximately 0.65% of SBA Communications at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of SBA Communications by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 17,666,669 shares of the technology company's stock valued at $3,886,844,000 after purchasing an additional 268,018 shares during the last quarter. Dodge & Cox boosted its stake in shares of SBA Communications by 352.5% in the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after purchasing an additional 5,722,740 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of SBA Communications by 40.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company's stock valued at $1,314,265,000 after purchasing an additional 1,715,541 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of SBA Communications by 5.9% in the 4th quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock valued at $491,549,000 after purchasing an additional 134,624 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its stake in SBA Communications by 7.3% during the first quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company's stock worth $439,310,000 after acquiring an additional 135,682 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SBAC has been the topic of several research reports. JMP Securities set a $280.00 price objective on shares of SBA Communications and gave the stock a "market outperform" rating in a report on Tuesday, August 5th. BMO Capital Markets increased their target price on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a report on Tuesday, April 29th. Morgan Stanley increased their target price on shares of SBA Communications from $255.00 to $260.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. UBS Group increased their target price on shares of SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Finally, Citigroup reiterated an "outperform" rating on shares of SBA Communications in a report on Tuesday, August 5th. Eight research 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. According to MarketBeat.com, SBA Communications currently has an average rating of "Moderate Buy" and an average price target of $258.25.

SBA Communications Trading Down 1.1%

Shares of SBAC stock traded down $2.48 during trading hours on Thursday, reaching $216.91. The stock had a trading volume of 921,864 shares, compared to its average volume of 863,087. The stock's fifty day simple moving average is $229.80 and its 200 day simple moving average is $223.73. SBA Communications Corporation has a 12 month low of $192.55 and a 12 month high of $252.64. The firm has a market capitalization of $23.31 billion, a PE ratio of 27.56, a PEG ratio of 2.00 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 analysts' consensus estimates of $3.10 by $0.07. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The company had revenue of $698.98 million during the quarter, compared to analyst estimates of $670.73 million. During the same period last year, the business earned $3.29 earnings per share. SBA Communications's revenue was up 5.8% compared to the same quarter last year. As a group, equities research analysts anticipate that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st will be given a dividend of $1.11 per share. The ex-dividend date is Thursday, August 21st. This represents a $4.44 annualized dividend and a yield of 2.0%. SBA Communications's payout ratio is presently 56.42%.

SBA Communications 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.