Vestcor Inc Has $4.49 Million Position in SBA Communications Corporation $SBAC

Vestcor Inc raised its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 68.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 23,201 shares of the technology company’s stock after purchasing an additional 9,452 shares during the period. Vestcor Inc’s holdings in SBA Communications were worth $4,486,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Quent Capital LLC bought a new position in shares of SBA Communications during the 3rd quarter worth about $27,000. Geneos Wealth Management Inc. increased its stake in SBA Communications by 105.0% in 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 position in SBA Communications in the third quarter worth about $48,000. Center for Financial Planning Inc. bought a new position in SBA Communications during the third quarter worth about $50,000. Finally, Allworth Financial LP boosted its holdings in SBA Communications by 67.9% during the second quarter. Allworth Financial LP now owns 272 shares of the technology company’s stock valued at $64,000 after purchasing an additional 110 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Scotiabank lowered their price objective on SBA Communications from $233.00 to $223.00 and set a “sector perform” rating on the stock in a research note on Monday, March 2nd. Barclays decreased their price target on SBA Communications from $219.00 to $212.00 and set an “overweight” rating on the stock in a research note on Monday, December 1st. Morgan Stanley lowered their price target on SBA Communications from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Monday, March 2nd. UBS Group cut their target price on shares of SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a research note on Tuesday, January 20th. Finally, Sanford C. Bernstein initiated coverage on SBA Communications in a research report on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $232.17.

SBA Communications Price Performance

SBAC stock opened at $195.93 on Tuesday. The company has a 50 day moving average price of $191.20 and a 200 day moving average price of $193.99. SBA Communications Corporation has a fifty-two week low of $177.49 and a fifty-two week high of $245.16. The stock has a market capitalization of $20.88 billion, a PE ratio of 20.56, a price-to-earnings-growth ratio of 1.96 and a beta of 0.86.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, beating analysts’ consensus estimates of $3.25 by $0.22. The firm had revenue of $719.58 million for the quarter, compared to analyst estimates of $725.80 million. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The business’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period last year, the company earned $3.47 EPS. As a group, equities analysts expect that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.6%. This is a boost from SBA Communications’s previous quarterly dividend of $1.11. The ex-dividend date of this dividend is Friday, March 13th. SBA Communications’s payout ratio is currently 46.59%.

SBA Communications Company 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.