SteelPeak Wealth LLC Acquires New Holdings in SBA Communications Corporation $SBAC

Key Points

• SteelPeak Wealth LLC opened a new position in SBA Communications during the first quarter, buying 16,777 shares valued at about $2.89 million.
• Institutional ownership in SBAC remains very high, with 97.35% of the stock held by hedge funds and other institutional investors; several big firms also increased their stakes recently.
• SBA Communications paid its latest quarterly dividend of $1.25 per share, equal to an annualized yield of about 2.7%, while analysts currently view the stock as a Moderate Buy with a consensus price target of $235.28.

SteelPeak Wealth LLC bought a new position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 16,777 shares of the technology company's stock, valued at approximately $2,887,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Dodge & Cox boosted its holdings in SBA Communications by 24.1% in the 4th quarter. Dodge & Cox now owns 11,996,134 shares of the technology company's stock valued at $2,320,412,000 after purchasing an additional 2,328,837 shares during the period. Norges Bank purchased a new stake in shares of SBA Communications in the fourth quarter worth $302,774,000. Arrowstreet Capital Limited Partnership raised its position in shares of SBA Communications by 256.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,092,612 shares of the technology company's stock worth $211,344,000 after buying an additional 785,850 shares in the last quarter. Millennium Management LLC boosted its stake in SBA Communications by 171.8% during the fourth quarter. Millennium Management LLC now owns 811,543 shares of the technology company's stock valued at $156,977,000 after buying an additional 513,002 shares during the period. Finally, SG Americas Securities LLC boosted its stake in SBA Communications by 170.6% during the first quarter. SG Americas Securities LLC now owns 469,911 shares of the technology company's stock valued at $80,876,000 after buying an additional 296,231 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

NASDAQ SBAC opened at $185.69 on Friday. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16. The company has a fifty day moving average of $195.21 and a 200-day moving average of $195.43. The company has a market capitalization of $19.69 billion, a P/E ratio of 19.55, a P/E/G ratio of 1.85 and a beta of 1.00.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were paid a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $5.00 annualized dividend and a yield of 2.7%. SBA Communications's payout ratio is 52.63%.

Analysts Set New Price Targets

SBAC has been the subject of several recent analyst reports. Royal Bank Of Canada reduced their target price on SBA Communications from $245.00 to $210.00 and set an "outperform" rating for the company in a research report on Friday, July 10th. Wells Fargo & Company raised SBA Communications from an "equal weight" rating to an "overweight" rating and lowered their price target for the company from $220.00 to $210.00 in a report on Friday. The Goldman Sachs Group started coverage on SBA Communications in a research report on Friday, June 26th. They set a "neutral" rating and a $205.00 price target for the company. KeyCorp boosted their price objective on SBA Communications from $235.00 to $250.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Finally, Barclays upped their price objective on shares of SBA Communications from $244.00 to $245.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, SBA Communications presently has an average rating of "Moderate Buy" and a consensus price target of $235.28.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.