State of Alaska Department of Revenue Decreases Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

State of Alaska Department of Revenue reduced its position in SBA Communications Co. (NASDAQ:SBAC – Get Rating) by 8.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 69,210 shares of the technology company’s stock after selling 5,980 shares during the quarter. State of Alaska Department of Revenue’s holdings in SBA Communications were worth $19,399,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in SBA Communications by 55.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,024,359 shares of the technology company’s stock valued at $327,847,000 after purchasing an additional 366,879 shares during the last quarter. Allianz Asset Management GmbH raised its stake in SBA Communications by 13.3% in the 2nd quarter. Allianz Asset Management GmbH now owns 144,696 shares of the technology company’s stock valued at $46,310,000 after purchasing an additional 16,994 shares during the last quarter. Fulton Bank N.A. raised its stake in SBA Communications by 13.1% in the 3rd quarter. Fulton Bank N.A. now owns 940 shares of the technology company’s stock valued at $267,000 after purchasing an additional 109 shares during the last quarter. Vestmark Advisory Solutions Inc. acquired a new position in SBA Communications in the 3rd quarter valued at $237,000. Finally, Integrated Advisors Network LLC acquired a new position in SBA Communications in the 2nd quarter valued at $260,000. 93.54% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Wolfe Research raised SBA Communications from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, January 24th. Truist Financial cut their target price on SBA Communications from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Friday, January 13th. Deutsche Bank Aktiengesellschaft cut their target price on SBA Communications from $325.00 to $320.00 in a research note on Thursday, February 23rd. Royal Bank of Canada cut their target price on SBA Communications from $330.00 to $320.00 and set an “outperform” rating for the company in a research note on Monday, February 27th. Finally, Raymond James raised their target price on SBA Communications from $308.00 to $334.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, November 23rd. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, SBA Communications presently has an average rating of “Moderate Buy” and an average price target of $335.40.

SBA Communications Trading Down 1.0 %

SBA Communications stock traded down $2.46 during midday trading on Friday, reaching $255.98. 1,256,823 shares of the stock traded hands, compared to its average volume of 1,036,672. The company has a 50-day simple moving average of $279.33 and a two-hundred day simple moving average of $284.07. SBA Communications Co. has a 12-month low of $236.20 and a 12-month high of $379.99. The firm has a market cap of $27.66 billion, a PE ratio of 60.80 and a beta of 0.49.

SBA Communications (NASDAQ:SBAC – Get Rating) last announced its earnings results on Tuesday, February 21st. The technology company reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $2.88 by ($1.94). SBA Communications had a net margin of 17.52% and a negative return on equity of 8.58%. The firm had revenue of $686.10 million for the quarter, compared to analysts’ expectations of $681.40 million. During the same quarter last year, the business earned $2.81 earnings per share. The business’s revenue was up 15.3% compared to the same quarter last year. Equities research analysts anticipate that SBA Communications Co. will post 11.74 earnings per share for the current year.

SBA Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 24th. Investors of record on Friday, March 10th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 1.33%. This is a boost from SBA Communications’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Thursday, March 9th. SBA Communications’s dividend payout ratio (DPR) is 80.76%.

About SBA Communications

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SBA Communications Corp. is a real estate investment trust, which engages in the provision of wireless communications infrastructures. It operates through the following business segments: Domestic Site Leasing, International Site Leasing, and Site Development. The Domestic Site Leasing segment includes AT&T, Sprint, T-Mobile, and Verizon Wireless.