Sei Investments Co. Grows Position in SBA Communications Corporation $SBAC

Sei Investments Co. raised its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 7.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 672,105 shares of the technology company’s stock after purchasing an additional 44,586 shares during the quarter. Sei Investments Co.’s holdings in SBA Communications were worth $115,673,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. J. Safra Sarasin Holding AG grew its holdings in shares of SBA Communications by 4.0% during the first quarter. J. Safra Sarasin Holding AG now owns 1,596 shares of the technology company’s stock valued at $275,000 after buying an additional 62 shares during the last quarter. Norinchukin Bank The raised its stake in SBA Communications by 1.1% in the 3rd quarter. Norinchukin Bank The now owns 6,037 shares of the technology company’s stock worth $1,167,000 after acquiring an additional 68 shares during the last quarter. Fortune Financial Advisors LLC raised its stake in SBA Communications by 3.3% in the 4th quarter. Fortune Financial Advisors LLC now owns 2,310 shares of the technology company’s stock worth $447,000 after acquiring an additional 73 shares during the last quarter. Larson Financial Group LLC lifted its position in SBA Communications by 47.6% during the 4th quarter. Larson Financial Group LLC now owns 248 shares of the technology company’s stock worth $48,000 after acquiring an additional 80 shares during the period. Finally, Quarry LP lifted its position in SBA Communications by 20.3% during the 4th quarter. Quarry LP now owns 475 shares of the technology company’s stock worth $92,000 after acquiring an additional 80 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Stock Down 1.8%

NASDAQ:SBAC opened at $174.85 on Friday. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $240.14. The stock’s 50-day moving average price is $192.65 and its 200-day moving average price is $195.00. The stock has a market capitalization of $18.54 billion, a PE ratio of 18.41, a price-to-earnings-growth ratio of 1.78 and a beta of 1.00.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Friday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is presently 52.63%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SBAC shares. Morgan Stanley increased their price objective on SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a report on Thursday, April 9th. KeyCorp upped their target price on SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of SBA Communications in a research note on Monday. Royal Bank Of Canada dropped their price objective on shares of SBA Communications from $245.00 to $210.00 and set an “outperform” rating on the stock in a research note on Friday, July 10th. Finally, Truist Financial reaffirmed a “buy” rating and set a $248.00 target price (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $235.28.

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.