SBA Communications Corporation (NASDAQ:SBAC) Shares Purchased by Forsta AP Fonden

Key Points

• Forsta AP Fonden has increased its holdings in SBA Communications by 130.2% during the 1st quarter, acquiring a total of 45,800 shares valued at $10.1 million.
• Analysts have mixed ratings on SBA Communications, with target prices ranging from $240 to $280 and a consensus rating of "Moderate Buy" with an average target price of $258.25.
• SBA Communications reported a quarterly earnings per share (EPS) of $3.17, exceeding analyst estimates, and announced a quarterly dividend of $1.11 with a 2.0% yield.

Forsta AP Fonden grew its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 130.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 45,800 shares of the technology company's stock after purchasing an additional 25,900 shares during the quarter. Forsta AP Fonden's holdings in SBA Communications were worth $10,076,000 as of its most recent filing with the SEC.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. BMO Capital Markets raised their target price on shares of SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a report on Tuesday, April 29th. Wall Street Zen lowered SBA Communications from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. JMP Securities set a $280.00 target price on SBA Communications and gave the stock a "market outperform" rating in a research report on Tuesday, August 5th. Bank of America began coverage on SBA Communications in a report on Monday, May 19th. They set a "buy" rating and a $260.00 target price for the company. Finally, Raymond James Financial set a $265.00 price target on SBA Communications and gave the stock a "strong-buy" rating in a research note on Tuesday. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $258.25.

SBA Communications Stock Down 1.0%

SBAC stock opened at $220.85 on Friday. The company has a 50 day moving average of $230.50 and a two-hundred day moving average of $223.47. The company has a market cap of $23.73 billion, a price-to-earnings ratio of 28.06, a PEG ratio of 2.03 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.

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. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%. The business had revenue of $698.98 million during the quarter, compared to analyst estimates of $670.73 million. During the same period last year, the company earned $3.29 earnings per share. SBA Communications's quarterly revenue was up 5.8% compared to the same quarter last year. On average, research analysts anticipate that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 21st will be issued 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 dividend payout ratio is currently 56.42%.

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.

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