Nuveen LLC Makes New Investment in SBA Communications Corporation (NASDAQ:SBAC)

Nuveen LLC bought a new position in shares of SBA Communications Corporation (NASDAQ:SBAC) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 695,298 shares of the technology company’s stock, valued at approximately $152,973,000. Nuveen LLC owned about 0.65% of SBA Communications as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SBAC. Independence Bank of Kentucky purchased a new stake in SBA Communications during the first quarter worth about $28,000. Allworth Financial LP increased its stake in SBA Communications by 62.0% during the first quarter. Allworth Financial LP now owns 162 shares of the technology company’s stock worth $36,000 after purchasing an additional 62 shares during the period. NBC Securities Inc. increased its stake in SBA Communications by 1,575.0% during the first quarter. NBC Securities Inc. now owns 201 shares of the technology company’s stock worth $44,000 after purchasing an additional 189 shares during the period. Zions Bancorporation National Association UT purchased a new stake in SBA Communications during the first quarter worth about $47,000. Finally, Wayfinding Financial LLC purchased a new stake in SBA Communications during the first quarter worth about $51,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Trading Down 0.8%

Shares of SBAC stock opened at $219.11 on Tuesday. The firm has a 50-day moving average price of $230.26 and a 200 day moving average price of $223.80. SBA Communications Corporation has a twelve month low of $192.55 and a twelve month high of $252.64. The company has a market capitalization of $23.54 billion, a price-to-earnings ratio of 27.84, a PEG ratio of 2.03 and a beta of 0.77.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share for the quarter, beating the consensus estimate of $3.10 by $0.07. The firm had revenue of $698.98 million during the quarter, compared to the consensus estimate of $670.73 million. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.29 EPS. As a group, research analysts predict that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st will be issued a $1.11 dividend. The ex-dividend date is Thursday, August 21st. This represents a $4.44 annualized dividend and a yield of 2.0%. SBA Communications’s payout ratio is 56.42%.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Wall Street Zen lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a research note on Friday, April 18th. UBS Group upped their target price on shares of SBA Communications from $280.00 to $285.00 and gave the stock a “buy” rating in a research note on Tuesday, July 8th. BMO Capital Markets upped their target price on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 29th. Deutsche Bank Aktiengesellschaft lowered shares of SBA Communications from a “buy” rating to a “hold” rating and set a $247.00 target price on the stock. in a research note on Tuesday, May 20th. Finally, Citigroup restated an “outperform” rating on shares of SBA Communications in a research note on Tuesday, August 5th. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $258.25.

SBA Communications Profile

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.