Arrowstreet Capital Limited Partnership Boosts Stock Holdings in SBA Communications Corporation $SBAC

Arrowstreet Capital Limited Partnership raised its position in SBA Communications Corporation (NASDAQ:SBAC) by 47.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,615,054 shares of the technology company’s stock after purchasing an additional 522,442 shares during the period. Arrowstreet Capital Limited Partnership owned 1.53% of SBA Communications worth $277,967,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dodge & Cox increased its holdings in shares of SBA Communications by 24.1% in the fourth quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock valued at $2,320,412,000 after purchasing an additional 2,328,837 shares during the last quarter. State Street Corp increased its stake in shares of SBA Communications by 3.3% in the 4th quarter. State Street Corp now owns 4,911,615 shares of the technology company’s stock worth $950,054,000 after acquiring an additional 158,738 shares during the last quarter. Geode Capital Management LLC raised its stake in SBA Communications by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company’s stock worth $594,655,000 after purchasing an additional 16,153 shares during the period. Diamond Hill Capital Management Inc. raised its stake in SBA Communications by 9.7% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company’s stock worth $393,615,000 after purchasing an additional 179,591 shares during the period. Finally, Invesco Ltd. boosted its holdings in SBA Communications by 0.5% in the 4th quarter. Invesco Ltd. now owns 1,815,032 shares of the technology company’s stock valued at $351,082,000 after purchasing an additional 9,656 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Down 0.7%

Shares of SBAC opened at $173.57 on Friday. The company has a 50-day simple moving average of $192.13 and a 200-day simple moving average of $194.85. The company has a market capitalization of $18.41 billion, a PE ratio of 18.27, a P/E/G ratio of 1.75 and a beta of 1.00. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $235.70.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 22nd were given 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 was Friday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is currently 52.63%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on SBAC shares. Truist Financial reiterated 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. KeyCorp increased their target price on shares of SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. The Goldman Sachs Group initiated coverage on shares of SBA Communications in a research report on Friday, June 26th. They set a “neutral” rating and a $205.00 price target for the company. Wells Fargo & Company raised shares of SBA Communications from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $220.00 to $210.00 in a research report on Friday, July 17th. Finally, Scotiabank boosted their target price on 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, nine have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $235.28.

SBA Communications 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.