SBA Communications Corporation $SBAC Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 4.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 80,844 shares of the technology company’s stock after selling 4,079 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in SBA Communications were worth $15,505,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in SBAC. CVA Family Office LLC grew its stake in shares of SBA Communications by 106.3% during the 2nd quarter. CVA Family Office LLC now owns 130 shares of the technology company’s stock worth $31,000 after purchasing an additional 67 shares during the period. Geneos Wealth Management Inc. grew its position in SBA Communications by 105.0% during the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after buying an additional 84 shares during the period. IFP Advisors Inc grew its position in SBA Communications by 75.9% during the second quarter. IFP Advisors Inc now owns 234 shares of the technology company’s stock worth $55,000 after buying an additional 101 shares during the period. Allworth Financial LP increased its holdings in SBA Communications by 67.9% in the second quarter. Allworth Financial LP now owns 272 shares of the technology company’s stock valued at $64,000 after buying an additional 110 shares in the last quarter. Finally, CYBER HORNET ETFs LLC acquired a new stake in shares of SBA Communications during the 2nd quarter valued at approximately $65,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SBAC has been the topic of a number of research reports. Wells Fargo & Company lowered their price target on SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 16th. Barclays lowered their target price on SBA Communications from $219.00 to $212.00 and set an “overweight” rating on the stock in a report on Monday, December 1st. UBS Group cut their price target on SBA Communications from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Tuesday, October 14th. The Goldman Sachs Group lowered their price objective on shares of SBA Communications from $250.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 1st. Finally, BMO Capital Markets dropped their target price on shares of SBA Communications from $215.00 to $210.00 and set a “market perform” rating for the company in a report on Tuesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $237.00.

SBA Communications Trading Down 0.5%

Shares of SBAC stock opened at $192.48 on Monday. The company has a market capitalization of $20.51 billion, a price-to-earnings ratio of 25.10, a PEG ratio of 1.67 and a beta of 0.87. The firm has a 50-day moving average price of $193.32 and a 200 day moving average price of $206.29. SBA Communications Corporation has a twelve month low of $185.13 and a twelve month high of $245.16.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, November 3rd. The technology company reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $3.21 by $0.09. The business had revenue of $732.33 million during the quarter, compared to the consensus estimate of $715.65 million. SBA Communications had a net margin of 29.69% and a negative return on equity of 16.60%. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.32 earnings per share. As a group, research analysts predict that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Thursday, November 13th were paid a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Thursday, November 13th. SBA Communications’s dividend payout ratio is currently 57.89%.

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.