Vanguard Group Inc. Sells 260,767 Shares of SBA Communications Corporation $SBAC

Vanguard Group Inc. cut its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 1.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,902,769 shares of the technology company's stock after selling 260,767 shares during the period. Vanguard Group Inc. owned about 16.80% of SBA Communications worth $3,462,933,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Elevation Wealth Partners LLC raised its stake 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 buying an additional 110 shares during the last quarter. Quent Capital LLC purchased a new stake in SBA Communications during the 3rd quarter valued at $27,000. Fulcrum Asset Management LLP purchased a new stake in SBA Communications during the 3rd quarter valued at $32,000. Geneos Wealth Management Inc. raised its stake in SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock valued at $36,000 after buying an additional 84 shares during the last quarter. Finally, Stance Capital LLC purchased a new stake in SBA Communications during the 3rd quarter valued at $45,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SBAC shares. Scotiabank decreased their target price on shares of SBA Communications from $233.00 to $223.00 and set a "sector perform" rating for the company in a research note on Monday, March 2nd. Sanford C. Bernstein started coverage on shares of SBA Communications in a research note on Thursday, March 5th. They set a "market perform" rating and a $218.00 target price for the company. Truist Financial upgraded shares of SBA Communications from a "hold" rating to a "buy" rating and boosted their target price for the company from $193.00 to $247.00 in a research note on Wednesday, April 22nd. UBS Group decreased their price target on shares of SBA Communications from $275.00 to $260.00 and set a "buy" rating on the stock in a research report on Tuesday, January 20th. Finally, Weiss Ratings upgraded shares of SBA Communications from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, SBA Communications has an average rating of "Moderate Buy" and a consensus price target of $236.47.

SBA Communications Price Performance

Shares of SBAC stock opened at $217.59 on Wednesday. The company has a market capitalization of $23.02 billion, a price-to-earnings ratio of 22.83, a PEG ratio of 2.13 and a beta of 0.88. SBA Communications Corporation has a one year low of $162.41 and a one year high of $245.16. The company's fifty day moving average price is $197.79 and its 200-day moving average price is $193.86.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, beating the consensus estimate of $3.25 by $0.22. The firm had revenue of $719.58 million for the quarter, compared to the consensus estimate of $725.80 million. SBA Communications had a net margin of 36.40% and a negative return on equity of 20.81%. The company's revenue was up 3.7% on a year-over-year basis. During the same period last year, the firm earned $3.47 EPS. Equities research analysts expect that SBA Communications Corporation will post 11.49 earnings per share for the current fiscal year.

SBA Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, March 13th. This is a positive change from SBA Communications's previous quarterly dividend of $1.11. SBA Communications's payout ratio is 52.47%.

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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