SBA Communications Corporation $SBAC Stock Acquired by CenterBook Partners LP

CenterBook Partners LP boosted its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 94.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,674 shares of the technology company’s stock after purchasing an additional 2,763 shares during the quarter. CenterBook Partners LP’s holdings in SBA Communications were worth $909,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership boosted its position in shares of SBA Communications by 47.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,615,054 shares of the technology company’s stock valued at $277,967,000 after acquiring an additional 522,442 shares during the period. Dimensional Fund Advisors LP boosted its holdings in SBA Communications by 3.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,612,785 shares of the technology company’s stock valued at $277,567,000 after purchasing an additional 46,620 shares during the period. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in SBA Communications in the 2nd quarter valued at $228,367,000. Bank of America Corp DE boosted its holdings in SBA Communications by 41.7% in the 1st quarter. Bank of America Corp DE now owns 1,005,366 shares of the technology company’s stock valued at $173,033,000 after purchasing an additional 295,727 shares during the period. Finally, Sei Investments Co. grew its position in SBA Communications by 7.1% in the 1st quarter. Sei Investments Co. now owns 672,105 shares of the technology company’s stock worth $115,673,000 after purchasing an additional 44,586 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

Insiders Place Their Bets

In other SBA Communications news, Director George R. Krouse, Jr. sold 300 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $182.67, for a total transaction of $54,801.00. Following the completion of the transaction, the director owned 8,512 shares in the company, valued at $1,554,887.04. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SBAC. UBS Group downgraded shares of SBA Communications from a “market perform” rating to a “hold” rating in a report on Monday, August 24th. BMO Capital Markets reaffirmed a “market perform” rating on shares of SBA Communications in a research report on Monday, August 24th. Raymond James Financial reiterated an “outperform” rating and issued a $271.00 target price on shares of SBA Communications in a research note on Monday, October 5th. Barclays decreased their target price on SBA Communications from $208.00 to $207.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 30th. Finally, Weiss Ratings upgraded SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 15th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $224.64.

SBA Communications Price Performance

Shares of SBAC stock opened at $191.43 on Wednesday. The stock has a market cap of $20.31 billion, a P/E ratio of 15.33, a price-to-earnings-growth ratio of 1.90 and a beta of 0.97. SBA Communications Corporation has a one year low of $156.60 and a one year high of $224.46. The stock has a fifty day moving average price of $179.82 and a 200 day moving average price of $190.05.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, November 2nd. The technology company reported $2.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.10. SBA Communications had a net margin of 34.54% and a negative return on equity of 20.67%. The firm had revenue of $713.92 million for the quarter, compared to analyst estimates of $724.07 million. During the same quarter in the previous year, the firm posted $3.30 EPS. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. Equities research analysts anticipate that SBA Communications Corporation will post 11.45 EPS for the current year.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Thursday, November 12th will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Thursday, November 12th. SBA Communications’s payout ratio is 53.94%.

SBA Communications Company Profile

SBA Communications is a real estate investment trust that owns and operates wireless communications infrastructure. Its primary business is leasing space on its communications towers and other sites to wireless carriers and other customers that need to install network equipment. The company also provides site development services, including helping customers identify, acquire, construct and manage locations for wireless infrastructure. Founded in 1989, SBA serves customers in the United States and several international markets, including countries in Central and South America and Africa.