Russell Investments Group Ltd. Buys 37,280 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Russell Investments Group Ltd. increased its stock position in SBA Communications Corporation by 10.4%, now holding approximately 394,304 shares valued at $86.3 million.
• SBA Communications reported a net margin of 31.19% and earnings per share of $3.17 for the most recent quarter, exceeding analyst estimates.
• The company declared a quarterly dividend of $1.11 per share, with an annualized yield of 2.0%, set to be paid on September 18th.

Russell Investments Group Ltd. raised its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 394,304 shares of the technology company's stock after purchasing an additional 37,280 shares during the period. Russell Investments Group Ltd. owned 0.37% of SBA Communications worth $86,327,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Independence Bank of Kentucky purchased a new position in SBA Communications during the first quarter worth about $28,000. Stone House Investment Management LLC purchased a new position in SBA Communications during the first quarter worth about $33,000. Allworth Financial LP boosted its stake in SBA Communications by 62.0% in the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after acquiring an additional 62 shares during the last quarter. NBC Securities Inc. boosted its stake in SBA Communications by 1,575.0% in the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after acquiring an additional 189 shares during the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in SBA Communications in the first quarter valued at about $47,000. 97.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the stock. UBS Group upped their price target on shares of SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Bank of America began coverage on shares of SBA Communications in a report on Monday, May 19th. They set a "buy" rating and a $260.00 target price on the stock. Citigroup reaffirmed an "outperform" rating on shares of SBA Communications in a report on Tuesday, August 5th. Barclays upped their target price on shares of SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Finally, Scotiabank began coverage on shares of SBA Communications in a report on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price target on the stock. 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $258.25.

SBA Communications Stock Up 1.4%

Shares of NASDAQ:SBAC traded up $3.03 on Friday, hitting $219.94. The company had a trading volume of 791,328 shares, compared to its average volume of 848,663. The firm's 50-day simple moving average is $229.43 and its two-hundred day simple moving average is $224.10. SBA Communications Corporation has a 1 year low of $192.55 and a 1 year high of $252.64. The firm has a market capitalization of $23.63 billion, a price-to-earnings ratio of 27.95, a P/E/G ratio of 2.02 and a beta of 0.77.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.10 by $0.07. The company had revenue of $698.98 million during the quarter, compared to analyst estimates of $670.73 million. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. SBA Communications's quarterly revenue was up 5.8% compared to the same quarter last year. During the same period last year, the business earned $3.29 EPS. Equities research analysts anticipate that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Dividend Announcement

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

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.