SBA Communications Corporation $SBAC Shares Bought by Magellan Asset Management Ltd

Magellan Asset Management Ltd raised its position in SBA Communications Corporation (NASDAQ:SBAC) by 6.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 94,029 shares of the technology company’s stock after acquiring an additional 5,904 shares during the quarter. Magellan Asset Management Ltd’s holdings in SBA Communications were worth $18,188,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of SBA Communications during the fourth quarter worth about $302,774,000. Dodge & Cox lifted its position in SBA Communications by 12.3% during the third quarter. Dodge & Cox now owns 9,667,297 shares of the technology company’s stock valued at $1,869,172,000 after purchasing an additional 1,058,803 shares during the period. Vanguard Group Inc. boosted its holdings in SBA Communications by 2.3% in the third quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock valued at $3,511,920,000 after purchasing an additional 403,285 shares during the last quarter. Diamond Hill Capital Management Inc. grew its position in SBA Communications by 24.6% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,855,329 shares of the technology company’s stock worth $358,728,000 after purchasing an additional 366,491 shares during the period. Finally, Ameriprise Financial Inc. grew its position in SBA Communications by 36.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,267,351 shares of the technology company’s stock worth $245,043,000 after purchasing an additional 336,071 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Stock Performance

SBAC opened at $207.85 on Friday. SBA Communications Corporation has a fifty-two week low of $162.41 and a fifty-two week high of $243.16. The company has a fifty day moving average of $206.31 and a two-hundred day moving average of $196.05. The stock has a market capitalization of $22.04 billion, a price-to-earnings ratio of 21.88, a PEG ratio of 1.96 and a beta of 0.99.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd will be issued a $1.25 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $5.00 dividend on an annualized basis and a yield of 2.4%. SBA Communications’s payout ratio is presently 52.63%.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several analyst reports. Scotiabank boosted their price objective on SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a report on Friday, May 1st. Barclays upped their target price on SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Weiss Ratings upgraded SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. Truist Financial reissued a “buy” rating and issued a $248.00 price target (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. Finally, Wells Fargo & Company upped their price objective on SBA Communications from $195.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $237.22.

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.