First Trust Direct Indexing L.P. Increases Holdings in SBA Communications Co. (NASDAQ:SBAC)

First Trust Direct Indexing L.P. increased its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 44.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,820 shares of the technology company’s stock after purchasing an additional 560 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in SBA Communications were worth $462,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Emerald Advisers LLC bought a new position in shares of SBA Communications during the third quarter worth $31,000. CVA Family Office LLC purchased a new stake in shares of SBA Communications in the fourth quarter worth about $37,000. Pinnacle Bancorp Inc. boosted its stake in SBA Communications by 73.6% during the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after buying an additional 67 shares during the last quarter. Allworth Financial LP increased its stake in SBA Communications by 37.8% in the 4th 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, Turtle Creek Wealth Advisors LLC purchased a new stake in shares of SBA Communications during the 4th quarter worth approximately $43,000. Institutional investors own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. KeyCorp lowered their price objective on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a research report on Tuesday, April 30th. Citigroup lowered their price objective on SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Bank of America raised 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. BMO Capital Markets dropped their price objective on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a research note on Tuesday, February 27th. Finally, Barclays lowered their target price on shares of SBA Communications from $255.00 to $241.00 and set an “overweight” rating for the company in a report on Tuesday, April 30th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $254.75.

Insider Activity

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the sale, the director now directly owns 4,622 shares in the company, valued at $1,007,549.78. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.30% of the company’s stock.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $193.09 on Monday. The firm has a 50-day simple moving average of $208.38 and a 200-day simple moving average of $222.60. SBA Communications Co. has a one year low of $183.64 and a one year high of $258.76. The firm has a market cap of $20.87 billion, a P/E ratio of 37.86, a P/E/G ratio of 0.57 and a beta of 0.59.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping 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 negative return on equity of 10.75% and a net margin of 20.61%. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.13 EPS. On average, research analysts predict that SBA Communications Co. will post 12.53 EPS for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Wednesday, May 22nd. SBA Communications’s payout ratio is presently 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.