Aaron Wealth Advisors LLC Sells 4,586 Shares of SBA Communications Corporation $SBAC

Aaron Wealth Advisors LLC cut its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 73.1% during the 1st quarter, HoldingsChannel reports. The fund owned 1,684 shares of the technology company’s stock after selling 4,586 shares during the quarter. Aaron Wealth Advisors LLC’s holdings in SBA Communications were worth $290,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Elevation Wealth Partners LLC raised its position in SBA Communications by 523.8% in the 4th quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock worth $25,000 after purchasing an additional 110 shares during the period. DV Equities LLC purchased a new stake in SBA Communications during the fourth quarter valued at about $29,000. Fulcrum Asset Management LLP bought a new position in shares of SBA Communications during the third quarter valued at about $32,000. Geneos Wealth Management Inc. grew its stake in shares of SBA Communications by 105.0% during the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after buying an additional 84 shares during the last quarter. Finally, High Point Wealth Management LLC purchased a new position in shares of SBA Communications in the fourth quarter worth about $39,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Trading Down 2.3%

NASDAQ SBAC opened at $179.50 on Tuesday. SBA Communications Corporation has a 12 month low of $162.41 and a 12 month high of $243.16. The stock has a market cap of $19.04 billion, a P/E ratio of 18.89, a P/E/G ratio of 1.84 and a beta of 0.99. The stock’s fifty day moving average price is $204.68 and its 200-day moving average price is $196.18.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 22nd were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.8%. The ex-dividend date was Friday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is presently 52.63%.

Wall Street Analyst Weigh In

Several analysts have weighed in on SBAC shares. Sanford C. Bernstein assumed coverage on SBA Communications in a research report on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price objective for the company. Weiss Ratings raised shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. KeyCorp upped their price target on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Wells Fargo & Company increased their price target on shares of SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 7th. Finally, Truist Financial reissued a “buy” rating and issued a $248.00 price target (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.