State of Alaska Department of Revenue Boosts Holdings in SBA Communications Co. (NASDAQ:SBAC)

State of Alaska Department of Revenue grew its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 0.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 62,987 shares of the technology company’s stock after buying an additional 201 shares during the quarter. State of Alaska Department of Revenue owned 0.06% of SBA Communications worth $13,647,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. CVA Family Office LLC purchased a new stake in shares of SBA Communications during the 4th quarter valued at $37,000. Glassman Wealth Services raised its position in shares of SBA Communications by 79.1% during the 4th quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock valued at $39,000 after buying an additional 68 shares in the last quarter. Pinnacle Bancorp Inc. raised its position in shares of SBA Communications by 73.6% during the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after buying an additional 67 shares in the last quarter. Allworth Financial LP raised its position in shares of SBA Communications by 37.8% during the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after buying an additional 45 shares in the last quarter. Finally, Quarry LP raised its position in shares of SBA Communications by 400.0% during the 4th quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after buying an additional 132 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SBAC. KeyCorp decreased their target price on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 30th. The Goldman Sachs Group began coverage on shares of SBA Communications in a research report on Monday. They issued a “neutral” rating and a $212.00 target price on the stock. Barclays decreased their target price on shares of SBA Communications from $241.00 to $240.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. TD Cowen decreased their target price on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Finally, Bank of America upgraded shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price on the stock in a research report on Thursday, March 7th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and a consensus target price of $249.08.

SBA Communications Trading Up 1.7 %

Shares of SBAC opened at $192.18 on Thursday. The firm’s 50-day moving average price is $194.60 and its 200-day moving average price is $212.79. The firm has a market capitalization of $20.65 billion, a price-to-earnings ratio of 37.68, a PEG ratio of 0.60 and a beta of 0.65. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.21. The firm had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The company’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.13 EPS. On average, research analysts forecast that SBA Communications Co. will post 12.51 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd were paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date was Wednesday, May 22nd. SBA Communications’s payout ratio is 76.86%.

SBA Communications Company Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.