Bank of New York Mellon Corp Decreases Stock Position in SBA Communications Corporation $SBAC

Bank of New York Mellon Corp lessened its stake in SBA Communications Corporation (NASDAQ:SBAC) by 15.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 573,027 shares of the technology company’s stock after selling 103,723 shares during the quarter. Bank of New York Mellon Corp’s holdings in SBA Communications were worth $110,840,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Aberdeen Group plc boosted its holdings in shares of SBA Communications by 12.4% in the 4th 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 last quarter. Nordea Investment Management AB increased its holdings in shares of SBA Communications by 5.4% during the 4th quarter. Nordea Investment Management AB now owns 1,245,399 shares of the technology company’s stock worth $241,234,000 after buying an additional 63,323 shares during the last quarter. OFI Invest Asset Management purchased a new position in shares of SBA Communications in the 4th quarter worth about $17,915,000. VCI Wealth Management LLC purchased a new position in shares of SBA Communications in the 4th quarter worth about $1,786,000. Finally, ProShare Advisors LLC lifted its stake in shares of SBA Communications by 27.5% in the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

SBAC has been the subject of a number of research reports. Wells Fargo & Company boosted their target price on SBA Communications from $195.00 to $220.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 7th. Morgan Stanley upped their price target on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 9th. Weiss Ratings upgraded SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, April 22nd. Truist Financial restated a “buy” rating and set a $248.00 price objective (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. Finally, KeyCorp raised their target price on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. One investment 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $237.22.

SBA Communications Price Performance

SBAC opened at $208.02 on Monday. The stock has a market capitalization of $22.06 billion, a PE ratio of 21.90, a P/E/G ratio of 2.08 and a beta of 0.99. The firm’s fifty day moving average price is $207.16 and its 200 day moving average price is $196.13. SBA Communications Corporation has a 12-month low of $162.41 and a 12-month high of $243.16.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, May 22nd. SBA Communications’s dividend payout ratio is 52.63%.

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.