Federated Hermes Inc. Increases Position in SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Federated Hermes Inc. increased its holdings in SBA Communications Corporation by 27.4%, owning approximately $26.43 million worth of shares by the end of the first quarter.
• Several institutional investors significantly increased their stakes in the company, with 97.35% of the stock now held by such entities.
• SBA Communications has received multiple upgrades from analysts, with target prices ranging from $240.00 to $268.00, indicating a consensus rating of "Moderate Buy."

Federated Hermes Inc. grew its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 27.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 120,122 shares of the technology company's stock after buying an additional 25,816 shares during the quarter. Federated Hermes Inc. owned 0.11% of SBA Communications worth $26,428,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in SBAC. Farther Finance Advisors LLC grew its position in SBA Communications by 22.0% during the 1st quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after acquiring an additional 45 shares during the last quarter. Central Pacific Bank Trust Division grew its holdings in SBA Communications by 2.3% in the 1st quarter. Central Pacific Bank Trust Division now owns 2,250 shares of the technology company's stock worth $495,000 after acquiring an additional 50 shares during the last quarter. DoubleLine ETF Adviser LP increased its position in shares of SBA Communications by 0.7% in the fourth quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company's stock valued at $1,577,000 after acquiring an additional 57 shares during the period. Oakworth Capital Inc. grew its stake in shares of SBA Communications by 25.8% in the first quarter. Oakworth Capital Inc. now owns 293 shares of the technology company's stock worth $64,000 after purchasing an additional 60 shares during the last quarter. Finally, Clear Creek Financial Management LLC lifted its holdings in SBA Communications by 6.0% in the 1st quarter. Clear Creek Financial Management LLC now owns 1,100 shares of the technology company's stock worth $242,000 after buying an additional 62 shares during the period. Hedge funds and other institutional investors own 97.35% of the company's stock.

SBA Communications Trading Up 0.8%

SBAC stock traded up $1.80 on Monday, hitting $230.37. The company had a trading volume of 602,237 shares, compared to its average volume of 855,768. SBA Communications Corporation has a 12-month low of $192.55 and a 12-month high of $252.64. The stock has a market cap of $24.75 billion, a price-to-earnings ratio of 31.61, a P/E/G ratio of 1.89 and a beta of 0.77. The stock's 50-day simple moving average is $231.25 and its 200 day simple moving average is $222.92.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SBAC shares. Bank of America started coverage on SBA Communications in a report on Monday, May 19th. They set a "buy" rating and a $260.00 target price for the company. BMO Capital Markets boosted their price target on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research report on Tuesday, April 29th. Morgan Stanley raised their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. UBS Group raised their target price on SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $257.19.

SBA Communications 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 throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.