Elevation Point Wealth Partners LLC Makes New Investment in SBA Communications Corporation $SBAC

Elevation Point Wealth Partners LLC acquired a new stake in SBA Communications Corporation (NASDAQ:SBAC) in the 1st quarter, according to the company in its most recent filing with the SEC. The firm acquired 16,187 shares of the technology company’s stock, valued at approximately $2,786,000.

Several other hedge funds have also recently modified their holdings of SBAC. Keybank National Association OH increased its position in shares of SBA Communications by 7.8% during the first quarter. Keybank National Association OH now owns 1,174 shares of the technology company’s stock valued at $202,000 after acquiring an additional 85 shares during the last quarter. USS Investment Management Ltd boosted its position in SBA Communications by 4.0% in the first quarter. USS Investment Management Ltd now owns 28,390 shares of the technology company’s stock worth $4,888,000 after purchasing an additional 1,101 shares during the last quarter. Drucker Wealth 3.0 LLC purchased a new position in SBA Communications in the first quarter worth $706,000. Patton Fund Management Inc. grew its stake in SBA Communications by 9.0% in the 1st quarter. Patton Fund Management Inc. now owns 1,273 shares of the technology company’s stock valued at $219,000 after purchasing an additional 105 shares during the period. Finally, Skylands Capital LLC grew its stake in SBA Communications by 17.6% in the 1st quarter. Skylands Capital LLC now owns 113,750 shares of the technology company’s stock valued at $19,578,000 after purchasing an additional 17,035 shares during the period. Institutional investors own 97.35% of the company’s stock.

SBA Communications Price Performance

Shares of NASDAQ SBAC opened at $184.56 on Friday. SBA Communications Corporation has a one year low of $162.41 and a one year high of $243.16. The business’s fifty day moving average price is $201.84 and its 200-day moving average price is $195.88. The stock has a market capitalization of $19.57 billion, a PE ratio of 19.43, a P/E/G ratio of 1.84 and a beta of 1.00.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd were given a $1.25 dividend. 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 (DPR) is 52.63%.

Wall Street Analyst Weigh In

SBAC has been the topic of a number of recent analyst reports. Wells Fargo & Company lifted their target price on SBA Communications from $195.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 7th. Morgan Stanley raised their price objective on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a report on Thursday, April 9th. The Goldman Sachs Group assumed coverage on shares of SBA Communications in a research report on Friday, June 26th. They issued a “neutral” rating and a $205.00 price objective on the stock. Truist Financial reiterated a “buy” rating and issued a $248.00 target price (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. Finally, Weiss Ratings upgraded shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $236.39.

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.