Mackenzie Financial Corp Acquires 1,191 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Mackenzie Financial Corp increased its stake in SBA Communications Corporation by 12.9% in Q1, holding shares valued at $2,289,000.
• Multiple analysts have raised their price targets for SBA Communications, with UBS Group setting a new target of $285.00 and Raymond James maintaining a "strong-buy" rating.
• Institutional investors own a significant 97.35% of SBA Communications' stock, indicating strong investor confidence in the company's performance.

Mackenzie Financial Corp increased its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 12.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 10,403 shares of the technology company's stock after purchasing an additional 1,191 shares during the period. Mackenzie Financial Corp's holdings in SBA Communications were worth $2,289,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. LPL Financial LLC raised its position in shares of SBA Communications by 11.3% in the first quarter. LPL Financial LLC now owns 19,707 shares of the technology company's stock valued at $4,336,000 after buying an additional 1,994 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of SBA Communications by 7.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,909 shares of the technology company's stock valued at $5,920,000 after buying an additional 1,871 shares in the last quarter. HB Wealth Management LLC raised its position in shares of SBA Communications by 40.6% in the first quarter. HB Wealth Management LLC now owns 1,784 shares of the technology company's stock valued at $392,000 after buying an additional 515 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in shares of SBA Communications by 3.7% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 22,931 shares of the technology company's stock valued at $5,046,000 after buying an additional 810 shares in the last quarter. Finally, Assetmark Inc. raised its position in shares of SBA Communications by 25.1% in the first quarter. Assetmark Inc. now owns 717 shares of the technology company's stock valued at $158,000 after buying an additional 144 shares in the last quarter. Institutional investors own 97.35% of the company's stock.

Analyst Ratings Changes

SBAC has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft downgraded shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target for the company. in a research report on Tuesday, May 20th. Wall Street Zen downgraded shares of SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Scotiabank initiated coverage on shares of SBA Communications in a research report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 price objective for the company. Barclays boosted their price objective on shares of SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Finally, Bank of America initiated coverage on shares of SBA Communications in a research report on Monday, May 19th. They set a "buy" rating and a $260.00 price objective for the company. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $258.44.

SBA Communications Trading Down 4.9%

Shares of SBAC traded down $11.24 on Tuesday, reaching $219.16. The company's stock had a trading volume of 2,173,993 shares, compared to its average volume of 731,257. SBA Communications Corporation has a twelve month low of $192.55 and a twelve month high of $252.64. The stock has a market capitalization of $23.55 billion, a PE ratio of 27.85, a PEG ratio of 1.91 and a beta of 0.77. The firm has a fifty day moving average of $231.26 and a 200-day moving average of $223.10.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, beating the consensus estimate of $3.10 by $0.07. The firm 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 16.71%. The company's revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the business posted $3.29 EPS. As a group, equities analysts anticipate that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st will be given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's dividend payout ratio is currently 60.91%.

SBA Communications Company 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.