Rockbridge Asset Management LLC Makes New Investment in SBA Communications Corporation $SBAC

Rockbridge Asset Management LLC bought a new stake in SBA Communications Corporation (NASDAQ:SBAC) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 4,763 shares of the technology company’s stock, valued at approximately $840,000. SBA Communications accounts for approximately 0.5% of Rockbridge Asset Management LLC’s holdings, making the stock its 17th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Commerzbank Aktiengesellschaft FI acquired a new stake in shares of SBA Communications during the second quarter worth approximately $1,587,000. Plato Investment Management Ltd bought a new stake in shares of SBA Communications in the second quarter worth $1,011,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in SBA Communications in the second quarter valued at $228,367,000. Tema ETFs LLC raised its holdings in SBA Communications by 17.0% in the second quarter. Tema ETFs LLC now owns 2,268 shares of the technology company’s stock valued at $400,000 after acquiring an additional 329 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in SBA Communications by 11.1% during the 2nd quarter. Handelsbanken Fonder AB now owns 65,341 shares of the technology company’s stock valued at $11,530,000 after acquiring an additional 6,524 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at SBA Communications

In other news, Director George R. Krouse, Jr. sold 300 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $182.67, for a total transaction of $54,801.00. Following the completion of the transaction, the director directly owned 8,512 shares of the company’s stock, valued at approximately $1,554,887.04. This represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 9.50% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on SBAC. TD Cowen reissued a “buy” rating on shares of SBA Communications in a report on Tuesday, August 4th. Wells Fargo & Company upgraded shares of SBA Communications from an “equal weight” rating to an “overweight” rating and cut their target price for the company from $220.00 to $210.00 in a research note on Friday, July 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of SBA Communications in a research report on Monday, July 20th. The Goldman Sachs Group began coverage on SBA Communications in a research note on Friday, June 26th. They issued a “neutral” rating and a $205.00 price target for the company. Finally, Scotiabank boosted their price objective on SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a report on Friday, May 1st. Eight research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, SBA Communications currently has an average rating of “Hold” and an average target price of $228.12.

SBA Communications Stock Performance

SBA Communications stock opened at $182.43 on Thursday. The firm’s 50-day moving average is $184.14 and its 200-day moving average is $194.21. SBA Communications Corporation has a 1 year low of $162.41 and a 1 year high of $225.33. The company has a market cap of $19.35 billion, a P/E ratio of 19.66, a PEG ratio of 1.81 and a beta of 0.99.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, August 3rd. The technology company reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.02. SBA Communications had a net margin of 34.51% and a negative return on equity of 20.67%. The business had revenue of $715.27 million during the quarter, compared to the consensus estimate of $706.01 million. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.17 EPS. As a group, sell-side analysts predict that SBA Communications Corporation will post 11.41 earnings per share for the current year.

SBA Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, August 20th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Thursday, August 20th. SBA Communications’s payout ratio is presently 53.88%.

About SBA Communications

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.