Thrivent Financial for Lutherans Has $71.98 Million Stock Position in SBA Communications Corporation $SBAC

Thrivent Financial for Lutherans lowered its stake in SBA Communications Corporation (NASDAQ:SBAC) by 9.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 372,135 shares of the technology company’s stock after selling 39,505 shares during the period. Thrivent Financial for Lutherans’ holdings in SBA Communications were worth $71,982,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SBAC. Elevation Wealth Partners LLC boosted its position in SBA Communications by 523.8% in the fourth quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock valued at $25,000 after buying an additional 110 shares in the last quarter. Quent Capital LLC acquired a new stake in SBA Communications in the third quarter valued at approximately $27,000. Fulcrum Asset Management LLP acquired a new stake in SBA Communications in the third quarter valued at approximately $32,000. Geneos Wealth Management Inc. boosted its position in SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after buying an additional 84 shares in the last quarter. Finally, High Point Wealth Management LLC acquired a new stake in SBA Communications in the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Down 0.8%

Shares of NASDAQ SBAC opened at $199.62 on Friday. SBA Communications Corporation has a twelve month low of $162.41 and a twelve month high of $243.16. The firm has a fifty day simple moving average of $201.18 and a 200 day simple moving average of $195.26. The company has a market capitalization of $21.17 billion, a PE ratio of 21.01, a P/E/G ratio of 2.01 and a beta of 1.03.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share for the quarter, topping analysts’ consensus estimates of $3.25 by $0.22. SBA Communications had a net margin of 35.66% and a negative return on equity of 20.90%. The business had revenue of $719.58 million during the quarter, compared to the consensus estimate of $725.80 million. During the same quarter last year, the firm earned $3.47 earnings per share. SBA Communications’s quarterly revenue was up 3.7% on a year-over-year basis. As a group, equities analysts expect that SBA Communications Corporation will post 11.42 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, May 22nd. SBA Communications’s payout ratio is 52.63%.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several analyst reports. Barclays raised their price target on shares of SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Morgan Stanley raised their price target on shares of SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research note on Thursday, April 9th. Scotiabank raised their price target on shares of SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. UBS Group dropped their price target on shares of SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a research note on Tuesday, January 20th. Finally, KeyCorp raised their price target on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $237.74.

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.