Clearbridge Investments LLC Purchases 29,244 Shares of SBA Communications Co. (NASDAQ:SBAC)

Clearbridge Investments LLC increased its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 9.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 332,871 shares of the technology company’s stock after purchasing an additional 29,244 shares during the quarter. Clearbridge Investments LLC owned 0.31% of SBA Communications worth $72,133,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of SBAC. CVA Family Office LLC bought a new position in shares of SBA Communications in the fourth quarter worth about $37,000. Glassman Wealth Services lifted its holdings in shares of SBA Communications by 79.1% in the fourth quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock worth $39,000 after acquiring an additional 68 shares during the last quarter. Pinnacle Bancorp Inc. lifted its holdings in shares of SBA Communications by 73.6% in the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after acquiring an additional 67 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after acquiring an additional 45 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of SBA Communications by 400.0% in the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after acquiring an additional 132 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

SBA Communications Trading Down 0.9 %

NASDAQ SBAC traded down $1.88 during mid-day trading on Wednesday, hitting $205.45. The company’s stock had a trading volume of 678,085 shares, compared to its average volume of 938,666. The company’s 50 day simple moving average is $197.01 and its 200 day simple moving average is $207.81. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $258.76. The firm has a market capitalization of $22.07 billion, a price-to-earnings ratio of 40.28, a PEG ratio of 0.67 and a beta of 0.65.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data 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. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The business had revenue of $657.86 million for the quarter, compared to analysts’ expectations of $671.08 million. During the same period last year, the business earned $3.13 EPS. The business’s revenue was down 2.6% on a year-over-year basis. As a group, research analysts forecast that SBA Communications Co. will post 12.51 EPS for the current year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd were paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.91%. The ex-dividend date was Wednesday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. KeyCorp dropped their price objective on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a report on Tuesday, April 30th. TD Cowen dropped their price objective on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. Barclays decreased their target price 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. Royal Bank of Canada decreased their target price on shares of SBA Communications from $250.00 to $235.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Finally, Citigroup decreased their target price 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. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and a consensus price target of $248.31.

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.