iA Global Asset Management Inc. Reduces Stock Position in SBA Communications Corporation $SBAC

iA Global Asset Management Inc. cut its stake in SBA Communications Corporation (NASDAQ:SBAC) by 52.2% in the 1st quarter, Holdings Channel.com reports. The firm owned 5,627 shares of the technology company’s stock after selling 6,135 shares during the quarter. iA Global Asset Management Inc.’s holdings in SBA Communications were worth $968,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norinchukin Bank The boosted its stake in SBA Communications by 1.1% in the 3rd quarter. Norinchukin Bank The now owns 6,037 shares of the technology company’s stock worth $1,167,000 after purchasing an additional 68 shares during the period. Fortune Financial Advisors LLC increased its holdings in SBA Communications by 3.3% during the 4th quarter. Fortune Financial Advisors LLC now owns 2,310 shares of the technology company’s stock worth $447,000 after acquiring an additional 73 shares during the period. Larson Financial Group LLC lifted its stake in SBA Communications by 47.6% in the 4th quarter. Larson Financial Group LLC now owns 248 shares of the technology company’s stock worth $48,000 after purchasing an additional 80 shares in the last quarter. Quarry LP lifted its stake in SBA Communications by 20.3% in the 4th quarter. Quarry LP now owns 475 shares of the technology company’s stock worth $92,000 after purchasing an additional 80 shares in the last quarter. Finally, Vanderbilt University boosted its holdings in SBA Communications by 0.7% in the 4th quarter. Vanderbilt University now owns 11,843 shares of the technology company’s stock valued at $2,291,000 after purchasing an additional 83 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Truist Financial restated 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. Scotiabank lifted their price objective on SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Morgan Stanley boosted their target price on SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 9th. Sanford C. Bernstein initiated coverage on shares of SBA Communications in a research report on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price objective on the stock. Finally, KeyCorp raised their target price on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, SBA Communications has an average rating of “Moderate Buy” and an average price target of $236.39.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC opened at $184.56 on Friday. The firm has a fifty day moving average of $202.38 and a 200 day moving average of $195.96. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16. The firm has a market capitalization of $19.57 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 1.81 and a beta of 1.00.

SBA Communications Dividend Announcement

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