Schwartz Investment Counsel Inc. Lowers Position in SBA Communications Corporation $SBAC

Key Points

• Schwartz Investment Counsel cut its stake in SBA Communications by 75.6% in the first quarter, selling 124,000 shares and ending with 40,000 shares valued at about $6.9 million.
• Despite that sale, institutional ownership remains high, with 97.35% of SBA Communications stock held by hedge funds and other institutions. Several major investors, including Dodge & Cox and State Street, increased their positions.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $235.83. Recent updates included higher targets from Scotiabank, KeyCorp, Barclays, and Truist, though Goldman Sachs initiated coverage with a neutral rating.

Schwartz Investment Counsel Inc. trimmed its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 75.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,000 shares of the technology company's stock after selling 124,000 shares during the quarter. Schwartz Investment Counsel Inc.'s holdings in SBA Communications were worth $6,884,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Scotiabank boosted their price objective on SBA Communications from $223.00 to $230.00 and gave the company a "sector perform" rating in a report on Friday, May 1st. KeyCorp raised their target price on SBA Communications from $235.00 to $250.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Barclays boosted their price target on shares of SBA Communications from $244.00 to $245.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 5th. Truist Financial reissued a "buy" rating and set a $248.00 price target (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. Finally, The Goldman Sachs Group began coverage on shares of SBA Communications in a report on Friday, June 26th. They issued a "neutral" rating and a $205.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, SBA Communications has a consensus rating of "Moderate Buy" and an average price target of $235.83.

SBA Communications Price Performance

SBAC opened at $187.10 on Tuesday. SBA Communications Corporation has a 12 month low of $162.41 and a 12 month high of $243.16. The stock has a market capitalization of $19.84 billion, a price-to-earnings ratio of 19.69, a PEG ratio of 1.90 and a beta of 1.00. The business has a fifty day moving average price of $197.77 and a 200 day moving average price of $195.62.

SBA Communications Dividend Announcement

The business also recently disclosed 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 payout ratio is currently 52.63%.

About SBA Communications

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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