Allspring Global Investments Holdings LLC Sells 17,851 Shares of SBA Communications Corporation $SBAC

Key Points

• Allspring Global Investments cut its SBA Communications stake by 24.2% in the first quarter, selling 17,851 shares and leaving it with 56,033 shares valued at about $9.6 million.
• Wall Street sentiment remains mixed but constructive, with a consensus rating of “Moderate Buy” and an average price target of $235.28 despite some recent target cuts and rating changes.
• SBAC shares were trading around $178.02, below both the 50-day and 200-day moving averages, while the company recently paid a quarterly dividend of $1.25 per share for an annualized yield of 2.8%.

Allspring Global Investments Holdings LLC decreased its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 24.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 56,033 shares of the technology company's stock after selling 17,851 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.05% of SBA Communications worth $9,613,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. DV Equities LLC bought a new stake in SBA Communications in the fourth quarter valued at approximately $29,000. Fulcrum Asset Management LLP acquired a new stake in SBA Communications in the third quarter worth $32,000. Geneos Wealth Management Inc. boosted its position in shares of SBA Communications by 105.0% during the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock worth $36,000 after purchasing an additional 84 shares in the last quarter. High Point Wealth Management LLC bought a new position in shares of SBA Communications during the fourth quarter worth $39,000. Finally, Commonwealth Retirement Investments LLC acquired a new position in shares of SBA Communications in the 4th quarter valued at $39,000. Institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Royal Bank Of Canada dropped their price objective on SBA Communications from $245.00 to $210.00 and set an "outperform" rating on the stock in a research note on Friday, July 10th. Wells Fargo & Company upgraded SBA Communications from an "equal weight" rating to an "overweight" rating and lowered their price target for the stock from $220.00 to $210.00 in a report on Friday, July 17th. 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 report on Thursday, April 9th. KeyCorp boosted their price objective on SBA Communications from $235.00 to $250.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Finally, Barclays increased 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. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $235.28.

SBA Communications Trading Up 0.7%

Shares of SBAC stock opened at $178.02 on Thursday. The firm's fifty day moving average price is $193.18 and its two-hundred day moving average price is $195.12. SBA Communications Corporation has a 1 year low of $162.41 and a 1 year high of $243.16. The firm has a market capitalization of $18.88 billion, a P/E ratio of 18.74, a PEG ratio of 1.77 and a beta of 1.00.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 22nd were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $5.00 annualized dividend and a yield of 2.8%. SBA Communications's dividend payout ratio is 52.63%.

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.

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