Fifth Third Bancorp Trims Stake in SBA Communications Corporation $SBAC

Fifth Third Bancorp cut its position in SBA Communications Corporation (NASDAQ:SBAC) by 8.4% in the third quarter, Holdings Channel reports. The firm owned 28,215 shares of the technology company’s stock after selling 2,589 shares during the period. Fifth Third Bancorp’s holdings in SBA Communications were worth $5,455,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of SBA Communications by 3.0% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 179,706 shares of the technology company’s stock valued at $42,202,000 after acquiring an additional 5,246 shares during the period. Impax Asset Management Group plc raised its position in SBA Communications by 58.2% in the 2nd quarter. Impax Asset Management Group plc now owns 5,501 shares of the technology company’s stock valued at $1,292,000 after purchasing an additional 2,023 shares during the last quarter. Donoghue Forlines LLC purchased a new position in SBA Communications during the 2nd quarter worth $2,824,000. Diamond Hill Capital Management Inc. grew its position in SBA Communications by 24.6% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,855,329 shares of the technology company’s stock worth $358,728,000 after purchasing an additional 366,491 shares during the last quarter. Finally, SteelPeak Wealth LLC acquired a new position in SBA Communications in the third quarter valued at $2,618,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Price Performance

Shares of SBAC stock opened at $203.12 on Wednesday. The business’s fifty day moving average price is $189.48 and its 200 day moving average price is $196.23. The firm has a market capitalization of $21.64 billion, a PE ratio of 26.48, a P/E/G ratio of 1.90 and a beta of 0.87. SBA Communications Corporation has a 1-year low of $177.49 and a 1-year high of $245.16.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Scotiabank decreased their target price on shares of SBA Communications from $252.00 to $233.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 14th. TD Cowen reaffirmed a “buy” rating on shares of SBA Communications in a research report on Tuesday, November 4th. JPMorgan Chase & Co. lowered their target price on SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a research note on Monday, January 12th. Williams Trading set a $237.00 price target on SBA Communications in a research note on Tuesday, November 4th. Finally, BMO Capital Markets decreased their price target on SBA Communications from $215.00 to $210.00 and set a “market perform” rating for the company in a report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $235.18.

SBA Communications 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.