Resona Asset Management Co. Ltd. Has $3.95 Million Stock Position in SBA Communications Corporation (NASDAQ:SBAC)

Resona Asset Management Co. Ltd. increased its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 1.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,025 shares of the technology company’s stock after buying an additional 184 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in SBA Communications were worth $3,949,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in SBAC. Independence Bank of Kentucky acquired a new position in SBA Communications during the 1st quarter worth approximately $28,000. Stone House Investment Management LLC bought a new stake in SBA Communications during the 1st quarter worth approximately $33,000. Allworth Financial LP increased its holdings in SBA Communications by 62.0% during the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company’s stock worth $36,000 after purchasing an additional 62 shares in the last quarter. NBC Securities Inc. increased its holdings in SBA Communications by 1,575.0% during 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 in the last quarter. Finally, Zions Bancorporation National Association UT bought a new stake in SBA Communications during the 1st quarter worth approximately $47,000. 97.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on SBAC. BMO Capital Markets boosted their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a report on Tuesday, April 29th. Raymond James Financial set a $265.00 price objective on SBA Communications and gave the stock a “strong-buy” rating in a report on Tuesday, August 5th. JMP Securities set a $280.00 price objective on SBA Communications and gave the stock a “market outperform” rating in a report on Tuesday, August 5th. Citigroup reissued an “outperform” rating on shares of SBA Communications in a report on Tuesday, August 5th. Finally, Wells Fargo & Company upped their target price on SBA Communications from $225.00 to $235.00 and gave the company an “equal weight” rating in a report on Tuesday, August 5th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of “Moderate Buy” and an average price target of $258.25.

SBA Communications Trading Up 1.4%

Shares of NASDAQ SBAC opened at $219.94 on Friday. The stock has a fifty day simple moving average of $229.43 and a two-hundred day simple moving average of $223.92. SBA Communications Corporation has a 1-year low of $192.55 and a 1-year high of $252.64. The firm has a market cap of $23.63 billion, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 1.99 and a beta of 0.77.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share for the quarter, beating 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 in the prior year, the company earned $3.29 earnings per share. SBA Communications’s revenue was up 5.8% compared to the same quarter last year. Analysts forecast that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st will be issued a dividend of $1.11 per share. 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 dividend payout ratio is 56.42%.

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.