Sei Investments Co. Purchases 44,586 Shares of SBA Communications Corporation $SBAC

Sei Investments Co. raised its position in SBA Communications Corporation (NASDAQ:SBAC) by 7.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 672,105 shares of the technology company’s stock after purchasing an additional 44,586 shares during the quarter. Sei Investments Co. owned 0.64% of SBA Communications worth $115,673,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of SBAC. Aberdeen Group plc boosted 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 valued at $39,160,000 after purchasing an additional 22,293 shares in the last quarter. OFI Invest Asset Management bought a new position in SBA Communications in the fourth quarter worth approximately $17,915,000. VCI Wealth Management LLC purchased a new stake in SBA Communications during the fourth quarter worth $1,786,000. M&T Bank Corp lifted its holdings 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 period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in SBA Communications by 5.7% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 267,659 shares of the technology company’s stock valued at $46,067,000 after acquiring an additional 14,317 shares in the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Royal Bank Of Canada cut their price target on SBA Communications from $245.00 to $210.00 and set an “outperform” rating on the stock in a report on Friday, July 10th. Scotiabank upped their price objective on SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research note on Friday, May 1st. Wells Fargo & Company raised SBA Communications from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $220.00 to $210.00 in a research report on Friday, July 17th. Morgan Stanley lifted their target price on SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research note on Thursday, April 9th. Finally, KeyCorp boosted their target price on shares of SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $235.28.

SBA Communications Trading Down 1.8%

Shares of SBAC opened at $174.85 on Friday. SBA Communications Corporation has a 12 month low of $162.41 and a 12 month high of $240.14. The stock has a fifty day moving average price of $192.65 and a 200-day moving average price of $195.00. The firm has a market cap of $18.54 billion, a PE ratio of 18.41, a P/E/G ratio of 1.78 and a beta of 1.00.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were paid a $1.25 dividend. The ex-dividend date was Friday, May 22nd. This represents a $5.00 dividend on an annualized basis and a yield of 2.9%. SBA Communications’s dividend payout ratio (DPR) is 52.63%.

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.