Healthcare of Ontario Pension Plan Trust Fund Boosts Stock Position in SBA Communications Corporation $SBAC

Healthcare of Ontario Pension Plan Trust Fund lifted its stake in SBA Communications Corporation (NASDAQ:SBAC) by 45.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 209,290 shares of the technology company’s stock after acquiring an additional 65,078 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.20% of SBA Communications worth $36,021,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. DV Equities LLC purchased a new stake in SBA Communications during the 4th quarter worth about $29,000. Fulcrum Asset Management LLP bought a new position in SBA Communications in the 3rd quarter worth about $32,000. Geneos Wealth Management Inc. grew its holdings in SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after buying an additional 84 shares in the last quarter. High Point Wealth Management LLC bought a new stake in shares of SBA Communications during the fourth quarter valued at about $39,000. Finally, Commonwealth Retirement Investments LLC bought a new stake in shares of SBA Communications during the fourth quarter valued at about $39,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

Shares of NASDAQ SBAC opened at $173.57 on Monday. The business has a 50-day moving average of $192.13 and a 200-day moving average of $194.88. The firm has a market capitalization of $18.41 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 1.73 and a beta of 1.00. SBA Communications Corporation has a 12 month low of $162.41 and a 12 month high of $235.70.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd were issued a $1.25 dividend. 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 2.9%. SBA Communications’s dividend payout ratio is presently 52.63%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Wells Fargo & Company upgraded shares of SBA Communications from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $220.00 to $210.00 in a research report on Friday, July 17th. The Goldman Sachs Group assumed coverage on shares of SBA Communications in a report on Friday, June 26th. They issued a “neutral” rating and a $205.00 price target for the company. Scotiabank boosted their price target on shares of SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research report on Friday, May 1st. KeyCorp upped their price target 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. Finally, Barclays increased 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. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, SBA Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.28.

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.