CIBC Bancorp USA Inc. Makes New Investment in SBA Communications Corporation $SBAC

CIBC Bancorp USA Inc. bought a new stake in shares of SBA Communications Corporation (NASDAQ:SBAC) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 43,040 shares of the technology company’s stock, valued at approximately $8,322,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Danske Bank A S acquired a new position in SBA Communications during the 3rd quarter valued at approximately $10,017,000. Caitong International Asset Management Co. Ltd increased its position in SBA Communications by 32,900.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 660 shares of the technology company’s stock worth $128,000 after buying an additional 658 shares during the period. Stance Capital LLC acquired a new stake in SBA Communications in the third quarter worth $45,000. DigitalBridge Group Inc. lifted its stake in SBA Communications by 37.2% in the third quarter. DigitalBridge Group Inc. now owns 400,120 shares of the technology company’s stock valued at $77,363,000 after buying an additional 108,573 shares during the last quarter. Finally, Fulcrum Asset Management LLP bought a new stake in SBA Communications in the third quarter valued at $32,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SBAC has been the subject of several recent research reports. Wells Fargo & Company lowered their price target on shares of SBA Communications from $205.00 to $195.00 and set an “equal weight” rating for the company in a research report on Friday, February 27th. Sanford C. Bernstein assumed coverage on shares of SBA Communications in a research report on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price objective on the stock. Morgan Stanley reduced their target price on shares of SBA Communications from $225.00 to $215.00 and set an “equal weight” rating for the company in a research note on Monday, March 2nd. JPMorgan Chase & Co. decreased their target price on shares of SBA Communications from $245.00 to $240.00 and set a “neutral” rating for the company in a research report on Monday, January 12th. Finally, Barclays dropped their price target on shares of SBA Communications from $219.00 to $212.00 and set an “overweight” rating on the stock in a research note on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $232.17.

SBA Communications Trading Down 4.5%

SBAC stock opened at $174.15 on Friday. SBA Communications Corporation has a 1-year low of $173.77 and a 1-year high of $245.16. The firm has a market cap of $18.56 billion, a PE ratio of 18.27, a P/E/G ratio of 1.81 and a beta of 0.86. The business’s 50-day moving average price is $190.66 and its two-hundred day moving average price is $192.56.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.25 by $0.22. The company had revenue of $719.58 million during the quarter, compared to the consensus estimate of $725.80 million. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the prior year, the company earned $3.47 earnings per share. On average, analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from SBA Communications’s previous quarterly dividend of $1.11. SBA Communications’s dividend payout ratio (DPR) is currently 52.47%.

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.