OP Asset Management Ltd Invests $1.93 Million in SBA Communications Corporation $SBAC

OP Asset Management Ltd acquired a new stake in shares of SBA Communications Corporation (NASDAQ:SBAC) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 11,183 shares of the technology company’s stock, valued at approximately $1,925,000.

Other institutional investors also recently bought and sold shares of the company. Elevation Wealth Partners LLC lifted its holdings in SBA Communications by 523.8% during the fourth quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock worth $25,000 after buying an additional 110 shares during the period. DV Equities LLC purchased a new position in shares of SBA Communications in the 4th quarter valued at $29,000. Fulcrum Asset Management LLP bought a new position in shares of SBA Communications in the 3rd quarter worth $32,000. Geneos Wealth Management Inc. raised its position in shares of SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after acquiring an additional 84 shares in the last quarter. Finally, High Point Wealth Management LLC purchased a new stake in shares of SBA Communications during the 4th quarter worth $39,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Price Performance

Shares of SBAC stock opened at $183.76 on Monday. The stock’s fifty day moving average price is $205.52 and its 200 day moving average price is $196.25. SBA Communications Corporation has a 1-year low of $162.41 and a 1-year high of $243.16. The company has a market cap of $19.49 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 1.84 and a beta of 0.99.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were paid a dividend of $1.25 per share. The ex-dividend date was Friday, May 22nd. This represents a $5.00 dividend on an annualized basis and a yield of 2.7%. SBA Communications’s dividend payout ratio is presently 52.63%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company raised their price objective on SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 7th. 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. Royal Bank Of Canada increased their price target on shares of SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, March 2nd. Truist Financial reaffirmed a “buy” rating and issued a $248.00 price objective (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. Finally, KeyCorp boosted their price objective on shares of SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $236.39.

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.