Allspring Global Investments Holdings LLC Sells 17,851 Shares of SBA Communications Corporation $SBAC

Allspring Global Investments Holdings LLC lowered its position in SBA Communications Corporation (NASDAQ:SBAC) by 24.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 56,033 shares of the technology company’s stock after selling 17,851 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in SBA Communications were worth $9,613,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. DV Equities LLC bought a new position in shares of SBA Communications during the 4th quarter worth approximately $29,000. Geneos Wealth Management Inc. raised its stake in SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after acquiring an additional 84 shares during the period. Fulcrum Asset Management LLP acquired a new stake in SBA Communications during the 3rd quarter valued at $32,000. High Point Wealth Management LLC acquired a new stake in SBA Communications during the 4th quarter valued at $39,000. Finally, Commonwealth Retirement Investments LLC bought a new position in SBA Communications during the fourth quarter worth $39,000. Institutional investors own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SBAC. Weiss Ratings reissued a “hold (c)” rating on shares of SBA Communications in a research report on Monday. KeyCorp lifted their target price on shares of SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. The Goldman Sachs Group initiated coverage on shares of SBA Communications in a research note on Friday, June 26th. They issued a “neutral” rating and a $205.00 price target on the stock. Wells Fargo & Company raised shares of SBA Communications from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $220.00 to $210.00 in a report on Friday, July 17th. 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 research report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.28.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $178.02 on Thursday. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $243.16. The firm’s 50-day simple moving average is $193.18 and its 200 day simple moving average is $195.12. The firm has a market cap of $18.88 billion, a price-to-earnings ratio of 18.74, a P/E/G ratio of 1.77 and a beta of 1.00.

SBA Communications Dividend Announcement

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