Geode Capital Management LLC Acquires 16,153 Shares of SBA Communications Corporation $SBAC

Geode Capital Management LLC boosted its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 0.5% in the fourth quarter, Holdings Channel reports. The firm owned 3,085,112 shares of the technology company’s stock after purchasing an additional 16,153 shares during the quarter. Geode Capital Management LLC’s holdings in SBA Communications were worth $594,655,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in SBAC. Elevation Wealth Partners LLC grew its position in SBA Communications by 523.8% in the fourth quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock valued at $25,000 after purchasing an additional 110 shares in the last quarter. Fulcrum Asset Management LLP bought a new position in SBA Communications in the third quarter valued at $32,000. Geneos Wealth Management Inc. grew its position in SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after purchasing an additional 84 shares in the last quarter. High Point Wealth Management LLC bought a new position in SBA Communications in the fourth quarter valued at $39,000. Finally, Stance Capital LLC bought a new position in SBA Communications in the third quarter valued at $45,000. Institutional investors own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SBAC. Morgan Stanley raised their target price on shares of SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research report on Thursday, April 9th. Truist Financial reissued a “buy” rating and issued a $248.00 price objective (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. Wells Fargo & Company lifted their price objective on shares of SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 7th. Royal Bank Of Canada lifted their price objective on shares of SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, March 2nd. Finally, Scotiabank lifted their price objective on shares of SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $237.22.

SBA Communications Trading Down 0.7%

Shares of NASDAQ:SBAC opened at $203.16 on Friday. The firm has a 50 day moving average of $204.11 and a 200-day moving average of $196.01. The stock has a market capitalization of $21.55 billion, a PE ratio of 21.39, a PEG ratio of 2.03 and a beta of 1.03. SBA Communications Corporation has a 12 month low of $162.41 and a 12 month high of $243.16.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, beating the consensus estimate of $3.25 by $0.22. The company had revenue of $719.58 million during the quarter, compared to analysts’ expectations of $725.80 million. SBA Communications had a net margin of 35.66% and a negative return on equity of 20.90%. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company earned $3.47 EPS. On average, research analysts predict that SBA Communications Corporation will post 11.42 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd will be given a $1.25 dividend. The ex-dividend date is Friday, May 22nd. This represents a $5.00 annualized dividend and a dividend yield of 2.5%. SBA Communications’s payout ratio is presently 52.63%.

SBA Communications Company 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.