Allstate Corp Makes New Investment in SBA Communications Corporation $SBAC

Allstate Corp acquired a new stake in shares of SBA Communications Corporation (NASDAQ:SBAC) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,008 shares of the technology company’s stock, valued at approximately $775,000.

A number of other hedge funds have also modified their holdings of the stock. Quent Capital LLC acquired a new stake in SBA Communications in the 3rd quarter valued at $27,000. CVA Family Office LLC lifted its holdings 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 acquiring an additional 67 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of SBA Communications by 105.0% during the first 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 during the period. SJS Investment Consulting Inc. acquired a new stake in shares of SBA Communications in the 3rd quarter valued at $48,000. Finally, IFP Advisors Inc grew its holdings in shares of SBA Communications by 75.9% in the 2nd quarter. IFP Advisors Inc now owns 234 shares of the technology company’s stock worth $55,000 after purchasing an additional 101 shares during the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Trading Down 0.5%

Shares of NASDAQ:SBAC opened at $185.29 on Friday. SBA Communications Corporation has a 1-year low of $179.89 and a 1-year high of $245.16. The stock has a market capitalization of $19.74 billion, a P/E ratio of 24.16, a P/E/G ratio of 1.64 and a beta of 0.87. The business has a 50-day moving average price of $191.03 and a two-hundred day moving average price of $202.18.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, November 3rd. The technology company reported $3.30 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $715.65 million. During the same quarter last year, the firm earned $3.32 EPS. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. As a group, equities analysts predict that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Thursday, November 13th were issued a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Thursday, November 13th. SBA Communications’s payout ratio is currently 57.89%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SBAC shares. Citigroup cut their price target on shares of SBA Communications from $265.00 to $235.00 and set a “buy” rating for the company in a report on Thursday, October 16th. UBS Group reduced their target price on SBA Communications from $275.00 to $260.00 and set a “buy” rating on the stock in a report on Tuesday. Morgan Stanley decreased their price target on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 16th. Barclays cut their price objective on SBA Communications from $219.00 to $212.00 and set an “overweight” rating for the company in a research report on Monday, December 1st. Finally, JPMorgan Chase & Co. cut their price objective on SBA Communications from $245.00 to $240.00 and set a “neutral” rating for the company in a research report on Monday, January 12th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $235.18.

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.