State of Alaska Department of Revenue Acquires 201 Shares of SBA Communications Co. (NASDAQ:SBAC)

State of Alaska Department of Revenue grew its position in SBA Communications Co. (NASDAQ:SBAC) by 0.3% during the first quarter, Holdings Channel reports. The institutional investor owned 62,987 shares of the technology company’s stock after acquiring an additional 201 shares during the quarter. State of Alaska Department of Revenue’s holdings in SBA Communications were worth $13,647,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of SBA Communications by 1.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 229,677 shares of the technology company’s stock valued at $49,771,000 after buying an additional 3,758 shares in the last quarter. Cullinan Associates Inc. bought a new stake in shares of SBA Communications in the 1st quarter valued at about $217,000. First Bank & Trust boosted its holdings in shares of SBA Communications by 3.6% in the 1st quarter. First Bank & Trust now owns 6,967 shares of the technology company’s stock valued at $1,510,000 after buying an additional 240 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of SBA Communications by 6.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,722 shares of the technology company’s stock valued at $807,000 after buying an additional 237 shares in the last quarter. Finally, Sunbelt Securities Inc. boosted its holdings in shares of SBA Communications by 20.8% in the 1st quarter. Sunbelt Securities Inc. now owns 441 shares of the technology company’s stock valued at $96,000 after buying an additional 76 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Trading Up 1.7 %

SBAC opened at $192.18 on Thursday. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76. The firm has a market capitalization of $20.65 billion, a PE ratio of 37.68, a P/E/G ratio of 0.60 and a beta of 0.65. The firm has a 50 day moving average of $194.60 and a two-hundred day moving average of $212.79.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.21. The firm had revenue of $657.86 million during 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 business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.13 EPS. As a group, analysts predict that SBA Communications Co. will post 12.51 EPS for the current fiscal year.

SBA Communications Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Bank of America upgraded shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a report on Thursday, March 7th. Barclays decreased their price objective on shares of SBA Communications from $241.00 to $240.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Wells Fargo & Company decreased their price objective on shares of SBA Communications from $260.00 to $230.00 and set an “overweight” rating for the company in a research report on Tuesday, April 30th. Citigroup decreased their price objective on shares of SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Finally, StockNews.com lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Friday, June 28th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $249.08.

About SBA Communications

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.