Swiss National Bank Buys 18,400 Shares of SBA Communications Corporation $SBAC

Key Points

• The Swiss National Bank increased its stake in SBA Communications by 6.3% in the first quarter, buying 18,400 additional shares and bringing its total holding to 312,600 shares worth about $53.8 million.
• SBA Communications remains heavily owned by institutions, with 97.35% of the stock held by hedge funds and other institutional investors; several major firms also added to their positions recently.
• The company recently paid a quarterly dividend of $1.25 per share, equal to an annualized yield of 2.8%, while analysts currently rate the stock a Moderate Buy with a consensus price target of $235.28.

Swiss National Bank grew its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 6.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 312,600 shares of the technology company's stock after acquiring an additional 18,400 shares during the quarter. Swiss National Bank owned about 0.30% of SBA Communications worth $53,802,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Dodge & Cox lifted its position in SBA Communications by 24.1% during the fourth 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. State Street Corp grew its position in SBA Communications by 3.3% in the 4th quarter. State Street Corp now owns 4,911,615 shares of the technology company's stock worth $950,054,000 after purchasing an additional 158,738 shares during the period. Geode Capital Management LLC raised its stake in SBA Communications by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company's stock valued at $594,655,000 after buying an additional 16,153 shares during the last quarter. Diamond Hill Capital Management Inc. raised its stake in SBA Communications by 9.7% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company's stock valued at $393,615,000 after buying an additional 179,591 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of SBA Communications by 0.5% during the 4th quarter. Invesco Ltd. now owns 1,815,032 shares of the technology company's stock valued at $351,082,000 after buying an additional 9,656 shares during the period. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

Shares of SBA Communications stock opened at $178.02 on Thursday. SBA Communications Corporation has a one year low of $162.41 and a one year high of $243.16. The stock's fifty day moving average is $193.18 and its 200 day moving average is $195.12. The stock has a market cap of $18.88 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.77 and a beta of 1.00.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were given a $1.25 dividend. The ex-dividend date was Friday, May 22nd. This represents a $5.00 dividend on an annualized basis and a yield of 2.8%. SBA Communications's dividend payout ratio is presently 52.63%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Scotiabank raised their price target on SBA Communications from $223.00 to $230.00 and gave the stock a "sector perform" rating in a research note on Friday, May 1st. KeyCorp increased their target price on SBA Communications from $235.00 to $250.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. The Goldman Sachs Group assumed coverage on SBA Communications in a research note on Friday, June 26th. They set a "neutral" rating and a $205.00 price target for the company. Barclays upped their price target on shares of SBA Communications from $244.00 to $245.00 and gave the company an "overweight" rating in a research report on Tuesday, May 5th. Finally, Wells Fargo & Company raised shares of SBA Communications from an "equal weight" rating to an "overweight" rating and dropped their price objective for the stock from $220.00 to $210.00 in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $235.28.

About SBA Communications

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.

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