Vestcor Inc Reduces Holdings in SBA Communications Corporation $SBAC

Vestcor Inc trimmed its stake in SBA Communications Corporation (NASDAQ:SBAC) by 18.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,832 shares of the technology company’s stock after selling 4,369 shares during the quarter. Vestcor Inc’s holdings in SBA Communications were worth $3,643,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in SBAC. Pinebridge Investments LLC purchased a new stake in SBA Communications during the 4th quarter worth about $5,619,000. Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new stake in SBA Communications during the 4th quarter worth about $6,268,000. Parallel Advisors LLC increased its position in SBA Communications by 105.8% during the 4th quarter. Parallel Advisors LLC now owns 1,385 shares of the technology company’s stock worth $268,000 after purchasing an additional 712 shares in the last quarter. Vise Technologies Inc. purchased a new stake in SBA Communications during the 4th quarter worth about $232,000. Finally, Magellan Asset Management Ltd increased its position in SBA Communications by 6.7% during the 4th quarter. Magellan Asset Management Ltd now owns 94,029 shares of the technology company’s stock worth $18,188,000 after purchasing an additional 5,904 shares in the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on SBAC. Weiss Ratings upgraded SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. Barclays lifted their price objective on SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Truist Financial reiterated a “buy” rating and issued a $248.00 price target (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. Wells Fargo & Company boosted their price target on SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a report on Tuesday, April 7th. Finally, KeyCorp boosted their price target on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $237.22.

SBA Communications Stock Up 0.1%

SBAC opened at $208.02 on Friday. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16. The company has a 50 day moving average of $207.16 and a two-hundred day moving average of $196.13. The company has a market cap of $22.06 billion, a P/E ratio of 21.90, a P/E/G ratio of 2.08 and a beta of 0.99.

SBA Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Friday, May 22nd will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is presently 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.