Neuberger Berman Group LLC, a well-known investment management firm, has recently announced its latest acquisition of SBA Communications Co. (NASDAQ:SBAC) shares. According to the report submitted by the company to the Securities & Exchange Commission, Neuberger Berman Group LLC has raised its stake in SBAC by 0.4% during the fourth quarter.
The aforementioned fund has reportedly purchased an additional 2,352 shares of the technology company’s stock and currently owns a total of 580,868 shares, valued at approximately $162,834,000 million as of the end of the recent reporting period. This casts more light on how significant technology firms like SBA Communications Corp have attractive outlooks and can be potentially lucrative investments.
SBA Communications Corp., a real estate trust investment that focuses on providing wireless communications infrastructure for different corporate entities including AT&T, Sprint, T-Mobile, and Verizon Wireless operates through three primary business segments: Domestic Site Leasing, International Site Leasing, and Site Development.
Recently reported stock performance saw SBA Communications trade Up $3.42 during trading on Friday which marked a hit price of $224.11 with a consistent daily volume estimated at 525,861 shares sold which is at variance with its average volume as previously recorded at 782.703 shares sold. Based on computations it was discovered that The market capitalization value within that range for SBAC was pegged at $24.28 billion with an approximate PE ratio standing at 65.53 while the Beta recorded is presently at 0.51 marking one year low/high levels on attaining $218.61 and $356.59 respectively.
In conclusion, this development comes as no surprise given Neuberger Berman Group’s reputation for consistently making shrewd investments in technology-based companies like SBA Communications Corp., that boasts good earnings prospects driven primarily by fundamental strengths reinforced by its commendable array of expanding businesses and an ever-rising market demand. It remains to be seen what other moves the firm has in store.
SBAC
Neutral
Updated on: 04/06/2023
SBA Communications Corp. draws attention from institutional investors and analysts
SBA Communications Corp., a real estate investment trust (REIT) that provides wireless communication infrastructures, has been seeing significant attention from institutional investors and hedge funds lately. According to recent reports, Carolinas Wealth Consulting LLC raised its position in the company’s shares by 248% during the first quarter, while Allworth Financial LP increased its stake by 246.2% in the fourth quarter. EverSource Wealth Advisors LLC lifted its shareholding by 71.7% in the third quarter, Ancora Advisors LLC boosted its holdings by 88.6% in the first quarter, and Emerald Advisers LLC purchased a new position worth about $43,000 during the fourth quarter.
However, this does not come as much of a surprise given that SBA Communications has been drawing attention from analysts recently. While StockNews.com began coverage with a “hold” rating for the company on May 18th, Wells Fargo & Company cut their price target on SBA Communications from $340.00 to $300.00 on May 2nd and Credit Suisse Group reduced theirs from $346.00 to $330.00 on February 22nd with an “outperform” rating for the stock.
Meanwhile, KeyCorp also lowered their price target on SBA Communications from $319 to $297 on February 22nd but maintained an “overweight” rating for it while Raymond James updated theirs down to $330 from $334 on May 2nd.
Despite these fluctuating price targets, three analysts indicated holding ratings while thirteen had buy ratings and another suggested a strong buy rating is appropriate. As per Bloomberg.com data, “Moderate Buy” is currently assigned while company’s average target price stands at roughly more than $322 per share.
SBA Communications recently posted earnings information regarding its Q1 performance which showed revenue growing almost ten percent YoY compared to Q1’16 ; revenues amounted to $675.52mn, missing analyst expectations of $672.47mn, while the technology company posted an earnings per share of $0.93 for Q1’17 and has reported negative return on equity (ROE) standing at 7.01% as of the end of March this year.
The firm is also expected to post 11.74 EPS for its current fiscal year and is making payouts with a dividend ratio standing at 99.42%. Shareholders who were registered by May 26th will receive a quarterly dividend amounting to $0.85 per share from SBA Communications on June 21st; the ex-dividend date was set on May 25th.