Jackson Square Partners LLC Purchases 111,972 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Jackson Square Partners LLC significantly increased its stake in SBA Communications by 436.1% in Q1, making it the largest holding in their portfolio.
• Several institutional investors, including Vanguard Group Inc. and Dodge & Cox, have also increased their stakes in SBA Communications, highlighting growing institutional interest.
• SBA Communications announced a quarterly dividend of $1.11 per share, representing an annualized rate of $4.44 and a dividend yield of 2.0%.

Jackson Square Partners LLC lifted its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 436.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 137,650 shares of the technology company's stock after purchasing an additional 111,972 shares during the quarter. SBA Communications comprises 4.1% of Jackson Square Partners LLC's investment portfolio, making the stock its biggest holding. Jackson Square Partners LLC owned approximately 0.13% of SBA Communications worth $30,284,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Independence Bank of Kentucky purchased a new position in shares of SBA Communications in the first quarter worth $28,000. Allworth Financial LP grew its holdings in SBA Communications by 62.0% during the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after purchasing an additional 62 shares during the period. NBC Securities Inc. grew its holdings in SBA Communications by 1,575.0% during the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after purchasing an additional 189 shares during the period. Wayfinding Financial LLC bought a new stake in SBA Communications during the first quarter valued at about $51,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of SBA Communications by 22.0% in the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after acquiring an additional 45 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on SBAC shares. Wells Fargo & Company increased their price target on SBA Communications from $225.00 to $235.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft downgraded SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective on the stock. in a research report on Tuesday, May 20th. UBS Group upped their price objective on SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. JMP Securities set a $280.00 price target on SBA Communications and gave the stock a "market outperform" rating in a report on Tuesday, August 5th. Finally, Wall Street Zen lowered SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, SBA Communications currently has an average rating of "Moderate Buy" and an average price target of $258.25.

SBA Communications Trading Down 1.0%

Shares of NASDAQ SBAC traded down $2.29 during midday trading on Friday, reaching $220.85. 569,133 shares of the company were exchanged, compared to its average volume of 829,142. SBA Communications Corporation has a 1 year low of $192.55 and a 1 year high of $252.64. The stock has a fifty day simple moving average of $230.50 and a 200 day simple moving average of $223.47. The stock has a market cap of $23.73 billion, a P/E ratio of 28.06, a PEG ratio of 2.03 and a beta of 0.77.

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

SBA Communications Dividend Announcement

The company 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. This represents a $4.44 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's payout ratio is presently 56.42%.

SBA Communications 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.