Cohen & Steers Inc. Has $667.15 Million Stock Holdings in SBA Communications Corporation $SBAC

Cohen & Steers Inc. cut its stake in SBA Communications Corporation (NASDAQ:SBAC) by 8.8% during the fourth quarter, HoldingsChannel reports. The fund owned 3,448,807 shares of the technology company’s stock after selling 332,268 shares during the quarter. SBA Communications comprises approximately 1.2% of Cohen & Steers Inc.’s holdings, making the stock its 21st biggest position. Cohen & Steers Inc.’s holdings in SBA Communications were worth $667,146,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SBAC. Norges Bank acquired a new position in shares of SBA Communications in the fourth quarter worth $302,774,000. Dodge & Cox increased its stake in shares of SBA Communications by 12.3% in the third quarter. Dodge & Cox now owns 9,667,297 shares of the technology company’s stock worth $1,869,172,000 after acquiring an additional 1,058,803 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of SBA Communications by 2.3% in the third quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock worth $3,511,920,000 after acquiring an additional 403,285 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of SBA Communications by 36.1% in the third quarter. Ameriprise Financial Inc. now owns 1,267,351 shares of the technology company’s stock worth $245,043,000 after acquiring an additional 336,071 shares during the last quarter. Finally, M&T Bank Corp increased its position in SBA Communications by 8,722.0% during the fourth quarter. M&T Bank Corp now owns 263,601 shares of the technology company’s stock worth $50,988,000 after buying an additional 260,613 shares during the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Price Performance

SBAC stock opened at $204.79 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 $210.64 and a two-hundred day moving average of $196.42. The stock has a market capitalization of $21.72 billion, a price-to-earnings ratio of 21.56, a price-to-earnings-growth ratio of 2.03 and a beta of 0.99.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, May 22nd. SBA Communications’s dividend payout ratio is 52.63%.

Analyst Upgrades and Downgrades

Several research firms have commented on SBAC. Truist Financial reissued 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. Barclays increased their target price on shares of SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Wells Fargo & Company increased their target price on shares of SBA Communications from $195.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 7th. KeyCorp increased their target price on shares of SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Finally, Weiss Ratings raised 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 given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, SBA Communications presently has a consensus rating of “Moderate Buy” and a consensus price target of $237.22.

SBA Communications 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.