Principal Financial Group Inc. Has $24.11 Million Stock Holdings in SBA Communications Corporation $SBAC

Key Points

• Principal Financial Group cut its SBA Communications stake by 12.2% in the first quarter, selling 19,483 shares and leaving it with 140,072 shares valued at about $24.1 million.
• SBA Communications stock was down 2.0% in Tuesday trading, opening at $181.97, below both its 50-day and 200-day moving averages.
• The company recently paid a quarterly dividend of $1.25 per share, or $5.00 annualized, for a 2.7% yield, while analysts currently rate the stock a Moderate Buy with a consensus target price of $235.28.

Principal Financial Group Inc. trimmed its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 12.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 140,072 shares of the technology company's stock after selling 19,483 shares during the quarter. Principal Financial Group Inc. owned approximately 0.13% of SBA Communications worth $24,108,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dodge & Cox lifted its position in SBA Communications by 24.1% during the 4th quarter. Dodge & Cox now owns 11,996,134 shares of the technology company's stock valued at $2,320,412,000 after purchasing an additional 2,328,837 shares during the period. State Street Corp raised its stake in shares of SBA Communications by 3.3% during the fourth quarter. State Street Corp now owns 4,911,615 shares of the technology company's stock worth $950,054,000 after buying an additional 158,738 shares during the last quarter. Geode Capital Management LLC lifted its holdings in SBA Communications by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company's stock valued at $594,655,000 after buying an additional 16,153 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in SBA Communications by 9.7% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company's stock valued at $393,615,000 after buying an additional 179,591 shares during the period. Finally, Invesco Ltd. boosted its stake in SBA Communications by 0.5% in the fourth quarter. Invesco Ltd. now owns 1,815,032 shares of the technology company's stock valued at $351,082,000 after acquiring an additional 9,656 shares during the last quarter. 97.35% of the stock is owned by institutional investors.

SBA Communications Trading Down 2.0%

SBAC stock opened at $181.97 on Tuesday. The business's 50-day moving average price is $194.51 and its two-hundred day moving average price is $195.35. The firm has a market cap of $19.30 billion, a PE ratio of 19.15, a P/E/G ratio of 1.85 and a beta of 1.00. SBA Communications Corporation has a 1-year low of $162.41 and a 1-year high of $243.16.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.7%. SBA Communications's dividend payout ratio (DPR) is currently 52.63%.

Analyst Ratings Changes

SBAC has been the subject of several recent research reports. Truist Financial reiterated a "buy" rating and set a $248.00 target price (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. The Goldman Sachs Group began coverage on SBA Communications in a research note on Friday, June 26th. They set a "neutral" rating and a $205.00 price objective for the company. Morgan Stanley upped 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. Royal Bank Of Canada cut their target price 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. Finally, Barclays raised their target price on SBA Communications from $244.00 to $245.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus 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.

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