Allspring Global Investments Holdings LLC Boosts Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Allspring Global Investments Holdings LLC grew its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 2.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 324,738 shares of the technology company's stock after buying an additional 8,262 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.30% of SBA Communications worth $82,383,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of SBAC. Raymond James Trust N.A. grew its position in shares of SBA Communications by 19.0% during the 1st quarter. Raymond James Trust N.A. now owns 1,925 shares of the technology company's stock valued at $662,000 after acquiring an additional 307 shares during the period. Vontobel Holding Ltd. boosted its holdings in shares of SBA Communications by 19.6% during the 1st quarter. Vontobel Holding Ltd. now owns 2,987 shares of the technology company's stock worth $1,024,000 after purchasing an additional 489 shares during the last quarter. Prudential PLC acquired a new position in shares of SBA Communications during the 1st quarter valued at about $568,000. Sequoia Financial Advisors LLC acquired a new stake in SBA Communications during the first quarter worth about $234,000. Finally, Zions Bancorporation N.A. boosted its holdings in SBA Communications by 157.6% in the 1st quarter. Zions Bancorporation N.A. now owns 322 shares of the technology company's stock valued at $111,000 after purchasing an additional 197 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SBAC. BMO Capital Markets decreased their price objective on shares of SBA Communications from $285.00 to $265.00 and set an "outperform" rating on the stock in a report on Tuesday, February 27th. Bank of America upgraded shares of SBA Communications from a "neutral" rating to a "buy" rating and set a $260.00 price objective for the company in a report on Thursday, March 7th. Finally, Barclays reduced their target price on shares of SBA Communications from $265.00 to $260.00 and set an "overweight" rating on the stock in a report on Tuesday, March 5th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, SBA Communications has an average rating of "Buy" and a consensus price target of $268.38.

Insider Buying and Selling

In other news, Director Mary S. Chan sold 1,977 shares of SBA Communications stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the transaction, the director now owns 4,622 shares in the company, valued at $1,007,549.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.60% of the company's stock.

SBA Communications Stock Performance

SBAC stock traded down $14.22 during trading on Wednesday, hitting $204.38. The stock had a trading volume of 1,115,367 shares, compared to its average volume of 1,016,379. SBA Communications Co. has a 1-year low of $185.23 and a 1-year high of $267.42. The stock has a market cap of $22.10 billion, a price-to-earnings ratio of 44.33, a price-to-earnings-growth ratio of 1.30 and a beta of 0.56. The company's 50 day moving average price is $214.34 and its two-hundred day moving average price is $222.49.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its earnings results on Monday, February 26th. The technology company reported $1.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.37 by ($0.36). SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The company had revenue of $675.00 million during the quarter, compared to analysts' expectations of $682.11 million. During the same quarter in the previous year, the firm posted $3.11 earnings per share. SBA Communications's revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that SBA Communications Co. will post 12.59 earnings per share for the current fiscal year.

SBA Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a $0.98 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $3.92 dividend on an annualized basis and a yield of 1.92%. This is a boost from SBA Communications's previous quarterly dividend of $0.85. SBA Communications's payout ratio is presently 85.03%.

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.