Hsbc Holdings PLC Raises Stake in SBA Communications Corporation $SBAC

Hsbc Holdings PLC increased its stake in SBA Communications Corporation (NASDAQ:SBAC) by 10.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 179,229 shares of the technology company’s stock after acquiring an additional 16,265 shares during the quarter. Hsbc Holdings PLC’s holdings in SBA Communications were worth $34,696,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SBAC. Dodge & Cox boosted its position in SBA Communications by 24.1% in the 4th quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock valued at $2,320,412,000 after buying an additional 2,328,837 shares during the period. Norges Bank purchased a new position in shares of SBA Communications during the fourth quarter worth approximately $302,774,000. Arrowstreet Capital Limited Partnership increased its position in shares of SBA Communications by 256.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,092,612 shares of the technology company’s stock worth $211,344,000 after acquiring an additional 785,850 shares during the period. Millennium Management LLC increased its position in shares of SBA Communications by 171.8% during the fourth quarter. Millennium Management LLC now owns 811,543 shares of the technology company’s stock worth $156,977,000 after acquiring an additional 513,002 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in shares of SBA Communications by 36.1% during the third quarter. Ameriprise Financial Inc. now owns 1,267,351 shares of the technology company’s stock valued at $245,043,000 after acquiring an additional 336,071 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Weiss Ratings upgraded SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, April 22nd. Scotiabank raised their price objective on SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a report on Friday, May 1st. Truist Financial reissued a “buy” rating and set a $248.00 price target (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. KeyCorp raised their price target on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, Morgan Stanley lifted their price objective on SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $236.39.

SBA Communications Stock Performance

NASDAQ SBAC opened at $180.57 on Tuesday. The company has a market cap of $19.15 billion, a PE ratio of 19.01, a P/E/G ratio of 1.84 and a beta of 1.00. The firm’s 50 day moving average price is $201.84 and its 200-day moving average price is $195.90. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16.

SBA Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Friday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is 52.63%.

About SBA Communications

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.