Magellan Asset Management Ltd Purchases 5,904 Shares of SBA Communications Corporation $SBAC

Magellan Asset Management Ltd boosted its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 6.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 94,029 shares of the technology company’s stock after purchasing an additional 5,904 shares during the period. Magellan Asset Management Ltd owned about 0.09% of SBA Communications worth $18,188,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC grew its holdings in SBA Communications by 523.8% during the 4th quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock valued at $25,000 after purchasing an additional 110 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after purchasing an additional 84 shares during the period. Fulcrum Asset Management LLP purchased a new stake in SBA Communications in the third quarter worth $32,000. High Point Wealth Management LLC bought a new stake in shares of SBA Communications during the fourth quarter worth $39,000. Finally, Fideuram Asset Management Ireland dac bought a new stake in shares of SBA Communications during the fourth quarter worth $46,000. 97.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Wells Fargo & Company lifted their target price on SBA Communications from $195.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 7th. Scotiabank lifted their target price on SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. Royal Bank Of Canada lifted their target price on SBA Communications from $215.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, March 2nd. 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. Finally, Barclays lifted their price target on shares of SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. 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, the stock has an average rating of “Moderate Buy” and a consensus target price of $237.22.

SBA Communications Stock Performance

NASDAQ SBAC opened at $207.85 on Friday. The firm’s 50 day moving average price is $206.31 and its 200-day moving average price is $196.05. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16. The company has a market cap of $22.04 billion, a PE ratio of 21.88, a P/E/G ratio of 1.96 and a beta of 0.99.

SBA Communications Dividend Announcement

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