Healthcare of Ontario Pension Plan Trust Fund Boosts Stock Position in SBA Communications Corporation $SBAC

Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 45.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 209,290 shares of the technology company’s stock after purchasing an additional 65,078 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in SBA Communications were worth $36,021,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SBAC. DV Equities LLC purchased a new stake in shares of SBA Communications in the 4th quarter valued at $29,000. Geneos Wealth Management Inc. boosted its holdings in 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 acquiring an additional 84 shares in the last quarter. Fulcrum Asset Management LLP bought a new stake in shares of SBA Communications during the 3rd quarter valued at about $32,000. High Point Wealth Management LLC bought a new stake in shares of SBA Communications during the 4th quarter valued at about $39,000. Finally, Commonwealth Retirement Investments LLC purchased a new position in shares of SBA Communications during the fourth quarter valued at about $39,000. Institutional investors own 97.35% of the company’s stock.

SBA Communications Price Performance

SBAC stock opened at $173.57 on Monday. The business has a 50 day moving average of $192.13 and a 200 day moving average of $194.88. The firm has a market cap of $18.41 billion, a PE ratio of 18.27, a price-to-earnings-growth ratio of 1.73 and a beta of 1.00. SBA Communications Corporation has a twelve month low of $162.41 and a twelve month high of $235.70.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd were issued a dividend of $1.25 per share. The ex-dividend date was Friday, May 22nd. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.9%. SBA Communications’s dividend payout ratio is presently 52.63%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Morgan Stanley lifted their price objective on SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research report on Thursday, April 9th. The Goldman Sachs Group assumed coverage on SBA Communications in a report on Friday, June 26th. They issued a “neutral” rating and a $205.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of SBA Communications in a research report on Monday, July 20th. Truist Financial reiterated a “buy” rating and issued a $248.00 price target (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. Finally, KeyCorp lifted their price target on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $235.28.

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.