1832 Asset Management L.P. Acquires Shares of 11,502 SBA Communications Corporation $SBAC

1832 Asset Management L.P. bought a new stake in shares of SBA Communications Corporation (NASDAQ:SBAC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 11,502 shares of the technology company’s stock, valued at approximately $2,701,000.

Several other hedge funds have also made changes to their positions in SBAC. CVA Family Office LLC boosted its stake in shares of SBA Communications by 106.3% during the second quarter. CVA Family Office LLC now owns 130 shares of the technology company’s stock valued at $31,000 after purchasing an additional 67 shares in the last quarter. Stone House Investment Management LLC purchased a new stake in SBA Communications during the first quarter worth $33,000. Geneos Wealth Management Inc. boosted its position in SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after acquiring an additional 84 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of SBA Communications in the 1st quarter valued at $47,000. Finally, Zions Bancorporation National Association UT bought a new position in shares of SBA Communications in the 1st quarter worth $47,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SBAC shares. The Goldman Sachs Group lowered their target price on shares of SBA Communications from $250.00 to $220.00 and set a “neutral” rating for the company in a research note on Wednesday, October 1st. Royal Bank Of Canada lowered their price objective on SBA Communications from $235.00 to $232.00 and set an “outperform” rating for the company in a research report on Monday, November 10th. Weiss Ratings restated a “hold (c-)” rating on shares of SBA Communications in a research note on Tuesday, October 14th. Morgan Stanley decreased their price target on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Finally, Cowen restated a “buy” rating on shares of SBA Communications in a research note on Tuesday, November 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and an average target price of $237.63.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $189.58 on Friday. The stock has a market capitalization of $20.20 billion, a PE ratio of 24.72, a P/E/G ratio of 1.65 and a beta of 0.87. SBA Communications Corporation has a fifty-two week low of $185.13 and a fifty-two week high of $245.16. The company has a fifty day moving average of $193.82 and a two-hundred day moving average of $211.78.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, November 3rd. The technology company reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.21 by $0.09. SBA Communications had a net margin of 29.69% and a negative return on equity of 16.60%. The company had revenue of $732.33 million for the quarter, compared to analysts’ expectations of $715.65 million. During the same quarter in the previous year, the company posted $3.32 EPS. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. Research analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Thursday, November 13th will be issued a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Thursday, November 13th. SBA Communications’s dividend payout ratio is currently 57.89%.

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.