Envestnet Portfolio Solutions Inc. Acquires 10,139 Shares of SBA Communications Corporation $SBAC

Envestnet Portfolio Solutions Inc. increased its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 386.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,760 shares of the technology company’s stock after buying an additional 10,139 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in SBA Communications were worth $2,468,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of SBAC. Aberdeen Group plc grew its holdings in 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 during the period. Nordea Investment Management AB grew its holdings in SBA Communications by 5.4% during the fourth quarter. Nordea Investment Management AB now owns 1,245,399 shares of the technology company’s stock valued at $241,234,000 after purchasing an additional 63,323 shares during the period. OFI Invest Asset Management acquired a new position in SBA Communications during the fourth quarter valued at approximately $17,915,000. VCI Wealth Management LLC acquired a new position in SBA Communications during the fourth quarter valued at approximately $1,786,000. Finally, ProShare Advisors LLC grew its holdings in SBA Communications by 27.5% during the third quarter. ProShare Advisors LLC now owns 38,988 shares of the technology company’s stock valued at $7,538,000 after purchasing an additional 8,404 shares during the period. 97.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SBAC shares. Wells Fargo & Company boosted their price objective on shares of SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a report on Tuesday, April 7th. Royal Bank Of Canada boosted their price objective on shares of SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, March 2nd. Scotiabank boosted their price objective on shares of SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a report on Friday, May 1st. Sanford C. Bernstein started coverage on shares of SBA Communications in a report on Thursday, March 5th. They set a “market perform” rating and a $218.00 price objective for the company. Finally, Truist Financial restated a “buy” rating and set a $248.00 price objective (up from $247.00) on shares of SBA Communications in a report 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 given a Hold rating to the stock. Based on data from MarketBeat, SBA Communications presently has an average rating of “Moderate Buy” and a consensus price target of $237.22.

SBA Communications Stock Down 1.2%

Shares of SBAC stock opened at $205.57 on Friday. The firm has a fifty day moving average of $202.42 and a 200-day moving average of $195.74. SBA Communications Corporation has a 12-month low of $162.41 and a 12-month high of $243.16. The company has a market capitalization of $21.80 billion, a price-to-earnings ratio of 21.64, a P/E/G ratio of 2.08 and a beta of 1.03.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.25 by $0.22. SBA Communications had a net margin of 35.66% and a negative return on equity of 20.90%. The company had revenue of $719.58 million during the quarter, compared to the consensus estimate of $725.80 million. During the same quarter in the prior year, the firm earned $3.47 earnings per share. The firm’s revenue was up 3.7% compared to the same quarter last year. On average, equities analysts expect that SBA Communications Corporation will post 11.42 EPS for the current year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $5.00 annualized dividend and a dividend yield of 2.4%. SBA Communications’s dividend payout ratio is currently 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.