SteelPeak Wealth LLC Makes New Investment in SBA Communications Corporation $SBAC

SteelPeak Wealth LLC purchased a new position in shares of SBA Communications Corporation (NASDAQ:SBAC) during the 1st quarter, Holdings Channel.com reports. The fund purchased 16,777 shares of the technology company’s stock, valued at approximately $2,887,000.

A number of other hedge funds have also recently made changes to their positions in SBAC. Dodge & Cox boosted its stake in shares of SBA Communications by 24.1% in 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 in the last quarter. State Street Corp lifted its stake in SBA Communications by 3.3% in the fourth quarter. State Street Corp now owns 4,911,615 shares of the technology company’s stock worth $950,054,000 after purchasing an additional 158,738 shares during the last quarter. Geode Capital Management LLC lifted its stake in SBA Communications by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company’s stock worth $594,655,000 after purchasing an additional 16,153 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its stake in SBA Communications by 9.7% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company’s stock worth $393,615,000 after purchasing an additional 179,591 shares during the last quarter. Finally, Invesco Ltd. boosted its position in SBA Communications by 0.5% during the fourth quarter. Invesco Ltd. now owns 1,815,032 shares of the technology company’s stock valued at $351,082,000 after buying an additional 9,656 shares during the period. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Up 0.4%

Shares of SBAC opened at $185.69 on Friday. The stock has a market capitalization of $19.69 billion, a P/E ratio of 19.55, a PEG ratio of 1.85 and a beta of 1.00. The firm has a fifty day simple moving average of $195.21 and a two-hundred day simple moving average of $195.43. SBA Communications Corporation has a twelve month low of $162.41 and a twelve month high of $243.16.

SBA Communications Announces Dividend

The company also recently disclosed 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 2.7%. The ex-dividend date of this dividend was Friday, May 22nd. SBA Communications’s dividend payout ratio is 52.63%.

Wall Street Analysts Forecast Growth

SBAC has been the topic of a number of recent research reports. The Goldman Sachs Group initiated coverage on SBA Communications in a research note on Friday, June 26th. They set a “neutral” rating and a $205.00 price objective on the stock. Morgan Stanley boosted their target price on SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research note on Thursday, April 9th. Royal Bank Of Canada dropped their target price on SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a report on Friday, July 10th. Scotiabank raised their price target on SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. Finally, KeyCorp lifted their price target on SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $235.28.

SBA Communications 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.