Mackenzie Financial Corp Buys 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 raised its holdings in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 12.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. LPL Financial LLC grew its position in shares of SBA Communications by 11.3% in the 1st quarter. LPL Financial LLC now owns 19,707 shares of the technology company's stock worth $4,336,000 after acquiring an additional 1,994 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in SBA Communications by 7.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,909 shares of the technology company's stock worth $5,920,000 after purchasing an additional 1,871 shares during the period. HB Wealth Management LLC boosted its holdings in shares of SBA Communications by 40.6% in the 1st 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 during the period. Skandinaviska Enskilda Banken AB publ grew its position in shares of SBA Communications by 3.7% during the 1st 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 during the last quarter. Finally, Assetmark Inc. raised its stake in SBA Communications by 25.1% during the first quarter. Assetmark Inc. now owns 717 shares of the technology company's stock worth $158,000 after acquiring an additional 144 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. BMO Capital Markets upped their target price on SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a report on Tuesday, April 29th. Citigroup reaffirmed an "outperform" rating on shares of SBA Communications in a research report on Tuesday. Barclays boosted their price target on shares of SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Raymond James Financial set a $265.00 price objective on shares of SBA Communications and gave the stock a "strong-buy" rating in a report on Tuesday. Finally, Wells Fargo & Company boosted their target price on shares of SBA Communications from $225.00 to $235.00 and gave the company an "equal weight" rating in a research note on Tuesday. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, SBA Communications presently has an average rating of "Moderate Buy" and a consensus target price of $258.25.

SBA Communications Stock Up 1.5%

NASDAQ:SBAC traded up $3.23 during trading hours on Thursday, reaching $223.00. 362,492 shares of the company's stock were exchanged, compared to its average volume of 864,859. The company has a market capitalization of $23.96 billion, a P/E ratio of 28.38, a price-to-earnings-growth ratio of 1.82 and a beta of 0.77. SBA Communications Corporation has a 12 month low of $192.55 and a 12 month high of $252.64. The business's 50-day simple moving average is $230.84 and its two-hundred day simple moving average is $223.05.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $698.98 million during the quarter, compared to the consensus estimate of $670.73 million. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%. The business's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the prior year, the business earned $3.29 EPS. As a group, sell-side analysts anticipate that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

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

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.