Nykredit A S Invests $8.62 Million in SBA Communications Corporation $SBAC

Key Points

• Nykredit A S acquired 48,864 SBA Communications shares during the second quarter, valued at approximately $8.62 million. Institutional investors collectively own 97.35% of the company.
• Analyst sentiment is mixed, with seven Buy ratings and nine Holds, resulting in a consensus rating of Hold and an average price target of $225.53.
• SBA Communications reported quarterly EPS of $1.87, slightly exceeding estimates, while revenue rose 2.3% year over year to $715.27 million. The company also declared a quarterly dividend of $1.25 per share, representing a 2.6% yield.

Nykredit A S acquired a new stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 48,864 shares of the technology company's stock, valued at approximately $8,623,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Dodge & Cox boosted its position in SBA Communications by 24.1% in the 4th quarter. Dodge & Cox now owns 11,996,134 shares of the technology company's stock worth $2,320,412,000 after purchasing an additional 2,328,837 shares in the last quarter. State Street Corp grew its position in SBA Communications by 3.3% during the fourth quarter. State Street Corp now owns 4,911,615 shares of the technology company's stock valued at $950,054,000 after buying an additional 158,738 shares during the period. Geode Capital Management LLC increased its holdings in SBA Communications by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company's stock valued at $594,655,000 after buying an additional 16,153 shares in the last quarter. Diamond Hill Capital Management Inc. increased its holdings in SBA Communications by 9.7% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company's stock valued at $393,615,000 after buying an additional 179,591 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of SBA Communications by 0.5% in the fourth quarter. Invesco Ltd. now owns 1,815,032 shares of the technology company's stock worth $351,082,000 after acquiring an additional 9,656 shares during the period. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at SBA Communications

In other SBA Communications news, Director George R. Krouse, Jr. sold 300 shares of the firm's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $182.67, for a total value of $54,801.00. Following the completion of the sale, the director directly owned 8,512 shares of the company's stock, valued at $1,554,887.04. This trade represents a 3.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SBAC. UBS Group lowered SBA Communications from a "market perform" rating to a "hold" rating in a research report on Monday, August 24th. The Goldman Sachs Group started coverage on shares of SBA Communications in a report on Friday, June 26th. They issued a "neutral" rating and a $205.00 price target for the company. Truist Financial reduced their price objective on shares of SBA Communications from $248.00 to $238.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. JPMorgan Chase & Co. decreased their price objective on shares of SBA Communications from $230.00 to $220.00 and set a "neutral" rating on the stock in a report on Tuesday, August 4th. Finally, Wells Fargo & Company upgraded shares of SBA Communications from an "equal weight" rating to an "overweight" rating and dropped their target price for the company from $220.00 to $210.00 in a research report on Friday, July 17th. Seven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, SBA Communications presently has a consensus rating of "Hold" and a consensus target price of $225.53.

SBA Communications Trading Down 1.1%

SBAC opened at $189.44 on Friday. SBA Communications Corporation has a twelve month low of $162.41 and a twelve month high of $224.46. The firm has a market capitalization of $20.10 billion, a PE ratio of 20.41, a PEG ratio of 1.89 and a beta of 0.99. The firm's 50-day moving average price is $183.19 and its 200 day moving average price is $194.18.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its earnings results on Monday, August 3rd. The technology company reported $1.87 earnings per share for the quarter, topping analysts' consensus estimates of $1.85 by $0.02. The business had revenue of $715.27 million for the quarter, compared to analyst estimates of $706.01 million. SBA Communications had a net margin of 34.51% and a negative return on equity of 20.67%. The business's revenue was up 2.3% on a year-over-year basis. During the same period last year, the company posted $3.17 EPS. As a group, analysts predict that SBA Communications Corporation will post 11.41 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, August 20th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $5.00 dividend on an annualized basis and a yield of 2.6%. SBA Communications's payout ratio is 53.88%.

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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