North Dakota State Investment Board Invests $712,000 in SBA Communications Corporation $SBAC

North Dakota State Investment Board bought a new position in SBA Communications Corporation (NASDAQ:SBAC) during the fourth quarter, Holdings Channel reports. The fund bought 3,682 shares of the technology company’s stock, valued at approximately $712,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Aberdeen Group plc grew its position in shares of SBA Communications by 12.4% in the 4th quarter. Aberdeen Group plc now owns 202,452 shares of the technology company’s stock worth $39,160,000 after buying an additional 22,293 shares during the period. Nordea Investment Management AB grew its position in shares of SBA Communications by 5.4% in the 4th quarter. Nordea Investment Management AB now owns 1,245,399 shares of the technology company’s stock worth $241,234,000 after buying an additional 63,323 shares during the period. OFI Invest Asset Management purchased a new stake in shares of SBA Communications in the 4th quarter worth about $17,915,000. VCI Wealth Management LLC purchased a new stake in shares of SBA Communications in the 4th quarter worth about $1,786,000. Finally, ProShare Advisors LLC grew its position in shares of SBA Communications by 27.5% in the 3rd quarter. ProShare Advisors LLC now owns 38,988 shares of the technology company’s stock worth $7,538,000 after buying an additional 8,404 shares during the period. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

SBAC opened at $208.07 on Friday. The stock has a market capitalization of $22.07 billion, a P/E ratio of 21.90, a P/E/G ratio of 2.07 and a beta of 1.03. The company’s 50-day simple moving average is $202.08 and its two-hundred day simple moving average is $195.67. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16.

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

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd will be paid a $1.25 dividend. 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 dividend payout ratio is 52.63%.

Analysts Set New Price Targets

SBAC has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. Truist Financial reiterated a “buy” rating and issued a $248.00 price target (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. Sanford C. Bernstein initiated coverage on shares of SBA Communications in a research note on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price target on the stock. Wells Fargo & Company upped their price target on shares of SBA Communications from $195.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 7th. Finally, Royal Bank Of Canada upped their price target on shares of SBA Communications from $215.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $237.22.

About SBA Communications

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.