Swiss National Bank lowered its stake in SBA Communications Co. (NASDAQ:SBAC – Free Report) by 8.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 391,300 shares of the technology company’s stock after selling 37,100 shares during the quarter. Swiss National Bank’s holdings in SBA Communications were worth $90,688,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in SBAC. Raymond James Trust N.A. lifted its stake in SBA Communications by 19.0% in the first quarter. Raymond James Trust N.A. now owns 1,925 shares of the technology company’s stock valued at $662,000 after buying an additional 307 shares during the period. Vontobel Holding Ltd. increased its stake in shares of SBA Communications by 19.6% in the 1st quarter. Vontobel Holding Ltd. now owns 2,987 shares of the technology company’s stock valued at $1,024,000 after acquiring an additional 489 shares during the last quarter. Prudential PLC acquired a new stake in shares of SBA Communications in the 1st quarter valued at approximately $568,000. Sequoia Financial Advisors LLC acquired a new stake in shares of SBA Communications in the 1st quarter valued at approximately $234,000. Finally, Zions Bancorporation N.A. boosted its stake in SBA Communications by 157.6% during the 1st quarter. Zions Bancorporation N.A. now owns 322 shares of the technology company’s stock worth $111,000 after acquiring an additional 197 shares during the last quarter. 92.48% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several equities research analysts have weighed in on the stock. UBS Group cut their target price on shares of SBA Communications from $335.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, August 1st. Citigroup dropped their price objective on SBA Communications from $260.00 to $235.00 and set a “buy” rating on the stock in a research note on Tuesday, October 17th. Bank of America cut SBA Communications from a “buy” rating to a “neutral” rating and set a $245.00 target price for the company. in a research note on Thursday, August 10th. TD Cowen dropped their price target on SBA Communications from $329.00 to $327.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 1st. Finally, BMO Capital Markets decreased their price objective on SBA Communications from $260.00 to $250.00 and set a “market perform” rating for the company in a research report on Tuesday, August 1st. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $279.12.
SBA Communications Trading Up 6.7 %
SBA Communications stock opened at $233.65 on Wednesday. SBA Communications Co. has a 1-year low of $185.23 and a 1-year high of $312.34. The company has a fifty day simple moving average of $206.55 and a 200 day simple moving average of $221.00. The company has a market cap of $25.32 billion, a P/E ratio of 51.46, a price-to-earnings-growth ratio of 1.20 and a beta of 0.55.
SBA Communications Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Thursday, November 16th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Wednesday, November 15th. SBA Communications’s payout ratio is 74.89%.
SBA Communications Company Profile
SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites in 16 markets throughout the Americas, Africa and the Philippines, SBA is listed on NASDAQ under the symbol SBAC.
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