Bank of New York Mellon Corp Sells 28,193 Shares of SBA Communications Corporation $SBAC

Bank of New York Mellon Corp reduced its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 4.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 544,834 shares of the technology company’s stock after selling 28,193 shares during the period. Bank of New York Mellon Corp’s holdings in SBA Communications were worth $93,771,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Aberdeen Group plc boosted its stake in shares of SBA Communications by 12.4% in the fourth quarter. Aberdeen Group plc now owns 202,452 shares of the technology company’s stock worth $39,160,000 after acquiring an additional 22,293 shares during the period. OFI Invest Asset Management bought a new stake in SBA Communications during the 4th quarter valued at approximately $17,915,000. Nordea Investment Management AB lifted its holdings in SBA Communications by 5.4% in the 4th quarter. Nordea Investment Management AB now owns 1,245,399 shares of the technology company’s stock worth $241,234,000 after purchasing an additional 63,323 shares in the last quarter. VCI Wealth Management LLC bought a new position in SBA Communications in the 4th quarter worth approximately $1,786,000. Finally, M&T Bank Corp boosted its stake in SBA Communications by 8,722.0% in the 4th quarter. M&T Bank Corp now owns 263,601 shares of the technology company’s stock worth $50,988,000 after purchasing an additional 260,613 shares during the period. Institutional investors own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Scotiabank increased 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. Morgan Stanley upped their target price 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. Wells Fargo & Company raised shares of SBA Communications from an “equal weight” rating to an “overweight” rating and cut their target price for the company from $220.00 to $210.00 in a research note on Friday. Weiss Ratings upgraded shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, April 22nd. Finally, KeyCorp boosted their price target 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 investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $235.28.

SBA Communications Price Performance

NASDAQ SBAC opened at $181.97 on Tuesday. SBA Communications Corporation has a 1-year low of $162.41 and a 1-year high of $243.16. The business has a 50 day simple moving average of $194.51 and a two-hundred day simple moving average of $195.35. The stock has a market capitalization of $19.30 billion, a PE ratio of 19.15, a P/E/G ratio of 1.85 and a beta of 1.00.

SBA Communications Announces Dividend

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