iA Global Asset Management Inc. Increases Stock Position in SBA Communications Co. (NASDAQ:SBAC)

iA Global Asset Management Inc. raised its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 23.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,805 shares of the technology company’s stock after acquiring an additional 1,104 shares during the quarter. iA Global Asset Management Inc.’s holdings in SBA Communications were worth $1,258,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in SBA Communications by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 17,368,209 shares of the technology company’s stock valued at $3,763,691,000 after buying an additional 88,339 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of SBA Communications by 54.9% in the first quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after buying an additional 1,524,302 shares during the period. Brown Advisory Inc. boosted its holdings in shares of SBA Communications by 7.9% during the fourth quarter. Brown Advisory Inc. now owns 2,091,103 shares of the technology company’s stock worth $530,492,000 after purchasing an additional 153,299 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of SBA Communications by 9.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,958,156 shares of the technology company’s stock worth $496,765,000 after purchasing an additional 166,554 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of SBA Communications by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,171,945 shares of the technology company’s stock worth $297,311,000 after purchasing an additional 38,047 shares during the period. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Stock Up 3.5 %

Shares of SBA Communications stock traded up $7.62 during trading on Thursday, hitting $227.16. 1,170,793 shares of the stock traded hands, compared to its average volume of 958,524. The stock has a market cap of $24.41 billion, a price-to-earnings ratio of 43.05, a PEG ratio of 0.70 and a beta of 0.65. The firm’s fifty day moving average is $198.84 and its 200-day moving average is $206.84. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The business had revenue of $660.50 million during the quarter, compared to the consensus estimate of $665.21 million. SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. SBA Communications’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.24 earnings per share. On average, analysts forecast that SBA Communications Co. will post 12.51 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd will be issued a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Thursday, August 22nd. SBA Communications’s payout ratio is currently 76.86%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SBAC shares. Royal Bank of Canada dropped their price target on shares of SBA Communications from $250.00 to $235.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. KeyCorp boosted their target price on shares of SBA Communications from $227.00 to $230.00 and gave the company an “overweight” rating in a research note on Tuesday. Wells Fargo & Company downgraded shares of SBA Communications from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $230.00 to $220.00 in a research note on Monday, July 15th. StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Friday, July 26th. Finally, Barclays cut their target price on shares of SBA Communications from $240.00 to $236.00 and set an “overweight” rating on the stock in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, SBA Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $246.54.

About SBA Communications

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.