PNC Financial Services Group Inc. Has $1.95 Million Stock Position in SBA Communications Corporation $SBAC

PNC Financial Services Group Inc. reduced its position in SBA Communications Corporation (NASDAQ:SBAC) by 24.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,326 shares of the technology company’s stock after selling 3,628 shares during the period. PNC Financial Services Group Inc.’s holdings in SBA Communications were worth $1,949,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in SBAC. DV Equities LLC purchased a new position in SBA Communications during the 4th quarter worth approximately $29,000. Fulcrum Asset Management LLP purchased a new stake in shares of SBA Communications in the third quarter valued at $32,000. Geneos Wealth Management Inc. lifted its holdings in shares of SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after purchasing an additional 84 shares in the last quarter. High Point Wealth Management LLC acquired a new stake in shares of SBA Communications in the fourth quarter worth $39,000. Finally, Commonwealth Retirement Investments LLC purchased a new position in shares of SBA Communications during the fourth quarter valued at $39,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Wells Fargo & Company raised SBA Communications from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $220.00 to $210.00 in a research note on Friday, July 17th. Truist Financial reiterated a “buy” rating and issued a $248.00 target price (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. Barclays increased their price target on shares of SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Scotiabank boosted their price objective on shares of SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research report on Friday, May 1st. Finally, The Goldman Sachs Group started coverage on shares of SBA Communications in a research note on Friday, June 26th. They issued a “neutral” rating and a $205.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $235.28.

SBA Communications Price Performance

Shares of NASDAQ SBAC opened at $186.29 on Thursday. SBA Communications Corporation has a one year low of $162.41 and a one year high of $234.64. The business’s 50-day moving average price is $190.44 and its two-hundred day moving average price is $194.76. The company has a market capitalization of $19.76 billion, a P/E ratio of 19.61, a price-to-earnings-growth ratio of 1.75 and a beta of 1.00.

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.