First Trust Direct Indexing L.P. Grows Stock Position in SBA Communications Co. (NASDAQ:SBAC)

First Trust Direct Indexing L.P. boosted its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 44.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,820 shares of the technology company’s stock after acquiring an additional 560 shares during the period. First Trust Direct Indexing L.P.’s holdings in SBA Communications were worth $462,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SBAC. Invesco Ltd. grew its stake in shares of SBA Communications by 140.6% during the third quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock worth $429,140,000 after purchasing an additional 1,252,764 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of SBA Communications by 115.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock worth $271,838,000 after acquiring an additional 727,163 shares in the last quarter. Bristol John W & Co. Inc. NY acquired a new position in SBA Communications in the third quarter valued at approximately $92,725,000. Diamond Hill Capital Management Inc. boosted its holdings in SBA Communications by 29.5% in the third quarter. Diamond Hill Capital Management Inc. now owns 992,547 shares of the technology company’s stock valued at $198,678,000 after purchasing an additional 226,113 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in SBA Communications by 75.0% during the third quarter. Envestnet Asset Management Inc. now owns 358,026 shares of the technology company’s stock worth $71,666,000 after purchasing an additional 153,476 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Insider Activity at SBA Communications

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total transaction of $430,966.23. Following the sale, the director now directly owns 4,622 shares in the company, valued at $1,007,549.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by company insiders.

SBA Communications Stock Down 0.4 %

NASDAQ SBAC opened at $193.09 on Monday. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $258.76. The firm has a 50-day moving average price of $208.38 and a 200 day moving average price of $222.60. The stock has a market capitalization of $20.87 billion, a P/E ratio of 37.86, a P/E/G ratio of 0.57 and a beta of 0.59.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The firm had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same quarter in the prior year, the company posted $3.13 earnings per share. SBA Communications’s quarterly revenue was down 2.6% on a year-over-year basis. On average, equities research analysts expect that SBA Communications Co. will post 12.53 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd will be issued a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Wednesday, May 22nd. SBA Communications’s dividend payout ratio is currently 76.86%.

Analyst Ratings Changes

SBAC has been the subject of several research analyst reports. BMO Capital Markets lowered their target price on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a report on Tuesday, February 27th. Barclays cut their target price on SBA Communications from $255.00 to $241.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 30th. Bank of America upgraded SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a research note on Thursday, March 7th. Citigroup reduced their price objective on SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Finally, TD Cowen lowered their target price on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $254.75.

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.