Diamond Hill Capital Management Inc. Acquires 179,591 Shares of SBA Communications Corporation $SBAC

Diamond Hill Capital Management Inc. lifted its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 9.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,034,920 shares of the technology company’s stock after purchasing an additional 179,591 shares during the quarter. SBA Communications comprises about 2.0% of Diamond Hill Capital Management Inc.’s holdings, making the stock its 13th biggest holding. Diamond Hill Capital Management Inc.’s holdings in SBA Communications were worth $393,615,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Jones Financial Companies Lllp lifted its position in shares of SBA Communications by 272.8% during the first quarter. Jones Financial Companies Lllp now owns 753 shares of the technology company’s stock worth $166,000 after purchasing an additional 551 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of SBA Communications by 12.6% in the first quarter. Empowered Funds LLC now owns 2,041 shares of the technology company’s stock valued at $449,000 after purchasing an additional 229 shares in the last quarter. Focus Partners Wealth raised its position in SBA Communications by 9.0% in the 1st quarter. Focus Partners Wealth now owns 3,236 shares of the technology company’s stock worth $712,000 after purchasing an additional 266 shares during the last quarter. Geneos Wealth Management Inc. raised its position in SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after purchasing an additional 84 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in SBA Communications by 11.3% during the 2nd quarter. First Trust Advisors LP now owns 94,692 shares of the technology company’s stock worth $22,238,000 after buying an additional 9,617 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

SBAC has been the subject of several research reports. Weiss Ratings raised SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. Sanford C. Bernstein initiated coverage on SBA Communications in a research note on Thursday, March 5th. They set a “market perform” rating and a $218.00 price target on the stock. Scotiabank raised their price target on SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a report on Friday, May 1st. Royal Bank Of Canada lifted their price objective on SBA Communications from $215.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, March 2nd. Finally, KeyCorp upped their target price on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $237.22.

SBA Communications Stock Performance

Shares of SBA Communications stock opened at $208.07 on Friday. The firm has a fifty day moving average of $202.08 and a two-hundred day moving average of $195.67. The stock has a market capitalization of $22.07 billion, a price-to-earnings ratio of 21.90, a PEG ratio of 2.07 and a beta of 1.03. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $243.16.

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

SBA Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, May 22nd. SBA Communications’s payout ratio is presently 52.63%.

SBA Communications Company 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.