DigitalBridge Group Inc. Boosts Stake in SBA Communications Co. (NASDAQ:SBAC)

DigitalBridge Group Inc. raised its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 2.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 600,766 shares of the technology company’s stock after purchasing an additional 16,871 shares during the period. SBA Communications accounts for approximately 10.1% of DigitalBridge Group Inc.’s portfolio, making the stock its 2nd largest holding. DigitalBridge Group Inc.’s holdings in SBA Communications were worth $117,930,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the company. Oregon Public Employees Retirement Fund raised its position in shares of SBA Communications by 0.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 9,265 shares of the technology company’s stock valued at $1,819,000 after purchasing an additional 53 shares during the period. Ballentine Partners LLC raised its holdings in SBA Communications by 2.7% during the 1st quarter. Ballentine Partners LLC now owns 2,068 shares of the technology company’s stock valued at $448,000 after acquiring an additional 55 shares during the period. Checchi Capital Advisers LLC lifted its position in shares of SBA Communications by 4.1% during the second quarter. Checchi Capital Advisers LLC now owns 1,457 shares of the technology company’s stock worth $286,000 after acquiring an additional 57 shares in the last quarter. Industrial Alliance Investment Management Inc. boosted its holdings in shares of SBA Communications by 3.9% in the first quarter. Industrial Alliance Investment Management Inc. now owns 1,560 shares of the technology company’s stock worth $338,000 after acquiring an additional 58 shares during the period. Finally, Warwick Investment Management Inc. grew its position in shares of SBA Communications by 6.1% in the fourth quarter. Warwick Investment Management Inc. now owns 1,061 shares of the technology company’s stock valued at $269,000 after purchasing an additional 61 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at SBA Communications

In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of SBA Communications stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the sale, the chairman now directly owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Donald Day sold 1,500 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Jeffrey Stoops sold 49,765 shares of SBA Communications stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the transaction, the chairman now directly owns 109,583 shares of the company’s stock, valued at $24,328,521.83. The disclosure for this sale can be found here. Insiders have sold 51,590 shares of company stock worth $11,483,981 over the last 90 days. 1.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SBAC. TD Cowen dropped their price objective on SBA Communications from $253.00 to $251.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. BMO Capital Markets lowered their price target on shares of SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. Royal Bank of Canada boosted their price objective on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Wells Fargo & Company cut shares of SBA Communications from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $230.00 to $220.00 in a research note on Monday, July 15th. Finally, The Goldman Sachs Group initiated coverage on shares of SBA Communications in a report on Monday, July 1st. They issued a “neutral” rating and a $212.00 price target on the stock. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, SBA Communications has an average rating of “Moderate Buy” and an average target price of $241.75.

SBA Communications Price Performance

NASDAQ SBAC opened at $239.33 on Thursday. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76. The business’s 50-day moving average is $225.31 and its 200 day moving average is $209.47. The stock has a market capitalization of $25.71 billion, a PE ratio of 46.93, a PEG ratio of 0.73 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, July 29th. The technology company reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The business had revenue of $660.50 million for the quarter, compared to the consensus estimate of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. SBA Communications’s revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.24 EPS. As a group, equities research analysts anticipate that SBA Communications Co. will post 12.53 earnings per share for the current year.

SBA Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Thursday, August 22nd. SBA Communications’s payout ratio is 76.86%.

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.