Reaves W H & Co. Inc. Lowers Position in SBA Communications Corporation $SBAC

Reaves W H & Co. Inc. lessened its stake in SBA Communications Corporation (NASDAQ:SBAC) by 10.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 362,464 shares of the technology company’s stock after selling 44,380 shares during the quarter. SBA Communications accounts for approximately 1.2% of Reaves W H & Co. Inc.’s holdings, making the stock its 26th largest position. Reaves W H & Co. Inc.’s holdings in SBA Communications were worth $70,111,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of SBA Communications by 2.3% in the third quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock worth $3,511,920,000 after buying an additional 403,285 shares in the last quarter. Dodge & Cox lifted its holdings in shares of SBA Communications by 12.3% in the third quarter. Dodge & Cox now owns 9,667,297 shares of the technology company’s stock worth $1,869,172,000 after buying an additional 1,058,803 shares in the last quarter. State Street Corp lifted its holdings in shares of SBA Communications by 3.0% in the third quarter. State Street Corp now owns 4,752,877 shares of the technology company’s stock worth $918,969,000 after buying an additional 139,696 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of SBA Communications by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company’s stock worth $594,655,000 after buying an additional 16,153 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. lifted its holdings in shares of SBA Communications by 9.7% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company’s stock worth $393,615,000 after buying an additional 179,591 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a report on Thursday, April 9th. Truist Financial reaffirmed a “buy” rating and set a $248.00 price target (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. Weiss Ratings raised shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company upped their price target on shares of SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 7th. Finally, Sanford C. Bernstein started coverage on shares of SBA Communications in a research note on Thursday, March 5th. They set a “market perform” rating and a $218.00 price target on the stock. 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $237.22.

SBA Communications Price Performance

SBA Communications stock opened at $203.16 on Monday. The company has a market cap of $21.55 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 2.03 and a beta of 0.99. The firm’s fifty day moving average is $204.11 and its 200 day moving average is $195.98. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16.

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

SBA Communications Dividend Announcement

The company also recently announced 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. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $5.00 annualized dividend and a dividend yield of 2.5%. SBA Communications’s dividend payout ratio is currently 52.63%.

SBA Communications Company Profile

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.