Engineers Gate Manager LP Cuts Holdings in SBA Communications Corporation $SBAC

Engineers Gate Manager LP decreased its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 16.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 302,883 shares of the technology company’s stock after selling 58,315 shares during the quarter. SBA Communications makes up 0.7% of Engineers Gate Manager LP’s investment portfolio, making the stock its 21st biggest holding. Engineers Gate Manager LP owned approximately 0.28% of SBA Communications worth $58,587,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Aberdeen Group plc grew its stake in shares of SBA Communications by 12.4% during the fourth quarter. Aberdeen Group plc now owns 202,452 shares of the technology company’s stock worth $39,160,000 after purchasing an additional 22,293 shares in the last quarter. OFI Invest Asset Management acquired a new position in shares of SBA Communications during the fourth quarter worth $17,915,000. Nordea Investment Management AB grew its stake in shares of SBA Communications by 5.4% during the fourth quarter. Nordea Investment Management AB now owns 1,245,399 shares of the technology company’s stock worth $241,234,000 after purchasing an additional 63,323 shares in the last quarter. VCI Wealth Management LLC acquired a new position in shares of SBA Communications during the fourth quarter worth $1,786,000. Finally, M&T Bank Corp grew its stake in shares of 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 purchasing an additional 260,613 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Down 2.1%

NASDAQ SBAC opened at $191.57 on Thursday. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16. The business’s 50-day moving average price is $209.89 and its 200 day moving average price is $196.44. The firm has a market cap of $20.32 billion, a P/E ratio of 20.17, a P/E/G ratio of 1.95 and a beta of 0.99.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 22nd were issued 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 2.6%. SBA Communications’s dividend payout ratio (DPR) is currently 52.63%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Scotiabank boosted their target price on shares of SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research note on Friday, May 1st. Morgan Stanley boosted their price objective on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 9th. Barclays boosted their price objective 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. Truist Financial restated a “buy” rating and set a $248.00 price objective (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. 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 assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $237.22.

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.