Walleye Capital LLC Takes $18 Million Position in SBA Communications Corporation $SBAC

Walleye Capital LLC purchased a new stake in shares of SBA Communications Corporation (NASDAQ:SBAC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 104,553 shares of the technology company’s stock, valued at approximately $17,995,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SBAC. Dodge & Cox boosted its stake in SBA Communications by 24.1% during the 4th 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. Norges Bank purchased a new position in shares of SBA Communications in the fourth quarter worth $302,774,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of SBA Communications by 256.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,092,612 shares of the technology company’s stock valued at $211,344,000 after purchasing an additional 785,850 shares in the last quarter. Millennium Management LLC boosted its position in shares of SBA Communications by 171.8% during the fourth quarter. Millennium Management LLC now owns 811,543 shares of the technology company’s stock valued at $156,977,000 after buying an additional 513,002 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of SBA Communications by 170.6% during the first quarter. SG Americas Securities LLC now owns 469,911 shares of the technology company’s stock valued at $80,876,000 after buying an additional 296,231 shares during the last quarter. 97.35% of the stock is owned by institutional investors.

SBA Communications Trading Up 0.7%

SBAC opened at $178.02 on Thursday. The company’s 50 day moving average is $193.18 and its 200 day moving average is $195.12. The company has a market cap of $18.88 billion, a price-to-earnings ratio of 18.74, a PEG ratio of 1.77 and a beta of 1.00. SBA Communications Corporation has a 12-month low of $162.41 and a 12-month high of $243.16.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Friday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is currently 52.63%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Morgan Stanley boosted their target price on SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 9th. Royal Bank Of Canada decreased their price objective on shares of SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a report on Friday, July 10th. Wells Fargo & Company upgraded shares of SBA Communications from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $220.00 to $210.00 in a research report on Friday, July 17th. Barclays raised their target price on shares of SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Finally, Truist Financial reiterated a “buy” rating and set a $248.00 target price (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.28.

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.