Bank of New York Mellon Corp Decreases Stock Holdings in SBA Communications Corporation $SBAC

Key Points

• Bank of New York Mellon reduced its SBA Communications stake by 4.9% in the first quarter, selling 28,193 shares and leaving it with 544,834 shares valued at about $93.8 million.
• Institutional ownership remains very high, with 97.35% of SBAC shares held by hedge funds and other investors, even as several smaller firms added new positions or boosted holdings.
• Analyst sentiment is mixed but generally positive: the stock has a “Moderate Buy” consensus and an average price target of $235.28, though recent target cuts from some firms reflect more cautious outlooks.

Bank of New York Mellon Corp trimmed its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 544,834 shares of the technology company's stock after selling 28,193 shares during the period. Bank of New York Mellon Corp owned about 0.52% of SBA Communications worth $93,771,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SBAC. Elevation Wealth Partners LLC increased its holdings in SBA Communications by 523.8% during the 4th quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company's stock valued at $25,000 after purchasing an additional 110 shares during the period. DV Equities LLC bought a new stake in shares of SBA Communications in the 4th quarter worth approximately $29,000. Geneos Wealth Management Inc. grew its position in shares of SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock worth $36,000 after buying an additional 84 shares during the last quarter. Fulcrum Asset Management LLP purchased a new position in shares of SBA Communications during the third quarter valued at approximately $32,000. Finally, High Point Wealth Management LLC purchased a new position in shares of SBA Communications during the fourth quarter valued at approximately $39,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC opened at $181.97 on Tuesday. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16. The firm has a market capitalization of $19.30 billion, a P/E ratio of 19.15, a P/E/G ratio of 1.85 and a beta of 1.00. The stock has a 50 day moving average price of $194.51 and a 200-day moving average price of $195.35.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 22nd were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Friday, May 22nd. SBA Communications's dividend payout ratio is presently 52.63%.

Analyst Upgrades and Downgrades

SBAC has been the subject of a number of research analyst reports. Truist Financial reaffirmed 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. Royal Bank Of Canada reduced 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 report on Friday, July 10th. Wells Fargo & Company upgraded shares of SBA Communications from an "equal weight" rating to an "overweight" rating and decreased their price objective for the stock from $220.00 to $210.00 in a report on Friday. Scotiabank raised their target price on shares of SBA Communications from $223.00 to $230.00 and gave the stock a "sector perform" rating in a research report on Friday, May 1st. Finally, The Goldman Sachs Group started coverage on shares of SBA Communications in a research report on Friday, June 26th. They issued a "neutral" rating and a $205.00 target price for the company. One investment 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's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price 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.

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