Russell Investments Group Ltd. Sells 157,268 Shares of SBA Communications Corporation $SBAC

Key Points

• Russell Investments sold 157,268 shares of SBA Communications, cutting its stake by 34.8% to 294,757 shares worth about $57.03 million, according to an SEC filing.
• SBA raised its quarterly dividend to $1.25 from $1.11 (a $5.00 annualized payout and ~2.6% yield); the ex-dividend date is March 13 and the payment date is March 27.
• The company beat EPS estimates with $3.47 per share but missed revenue expectations slightly, while analysts have trimmed price targets amid a consensus rating of "Moderate Buy" and an average target of $232.17.

Russell Investments Group Ltd. decreased its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 34.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 294,757 shares of the technology company's stock after selling 157,268 shares during the period. Russell Investments Group Ltd. owned 0.27% of SBA Communications worth $57,032,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Quent Capital LLC bought a new stake in SBA Communications in the third quarter valued at approximately $27,000. Geneos Wealth Management Inc. increased its position in SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock valued at $36,000 after purchasing an additional 84 shares during the period. SJS Investment Consulting Inc. bought a new position in SBA Communications during the 3rd quarter worth approximately $48,000. Center for Financial Planning Inc. bought a new position in SBA Communications during the 3rd quarter worth approximately $50,000. Finally, Avalon Trust Co acquired a new position in shares of SBA Communications in the 3rd quarter worth approximately $58,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Down 1.1%

Shares of SBAC stock opened at $193.70 on Wednesday. The firm has a 50 day moving average of $191.18 and a 200-day moving average of $193.78. The company has a market cap of $20.64 billion, a price-to-earnings ratio of 20.33, a price-to-earnings-growth ratio of 1.96 and a beta of 0.86. SBA Communications Corporation has a 52 week low of $177.49 and a 52 week high of $245.16.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 36.40% and a negative return on equity of 20.81%. SBA Communications's quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.47 EPS. Analysts anticipate that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a dividend of $1.25 per share. This is an increase from SBA Communications's previous quarterly dividend of $1.11. This represents a $5.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, March 13th. SBA Communications's dividend payout ratio (DPR) is currently 46.59%.

Analyst Ratings Changes

SBAC has been the topic of a number of analyst reports. Scotiabank reduced their price objective on shares of SBA Communications from $233.00 to $223.00 and set a "sector perform" rating on the stock in a research note on Monday, March 2nd. Morgan Stanley lowered their target price on shares of SBA Communications from $225.00 to $215.00 and set an "equal weight" rating for the company in a research note on Monday, March 2nd. UBS Group dropped their target price on shares of SBA Communications from $275.00 to $260.00 and set a "buy" rating on the stock in a report on Tuesday, January 20th. Wells Fargo & Company cut their price target on shares of SBA Communications from $205.00 to $195.00 and set an "equal weight" rating on the stock in a research report on Friday, February 27th. Finally, Royal Bank Of Canada increased their price target on SBA Communications from $215.00 to $220.00 and gave the stock an "outperform" rating in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, SBA Communications has a consensus rating of "Moderate Buy" and an average price target of $232.17.

SBA Communications 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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