The Manufacturers Life Insurance Company Sells 6,228 Shares of SBA Communications Corporation $SBAC

The Manufacturers Life Insurance Company reduced its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 6.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,624 shares of the technology company’s stock after selling 6,228 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in SBA Communications were worth $14,737,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Jones Financial Companies Lllp boosted its stake in shares of SBA Communications by 272.8% in the 1st quarter. Jones Financial Companies Lllp now owns 753 shares of the technology company’s stock valued at $166,000 after purchasing an additional 551 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of SBA Communications by 12.6% in the 1st quarter. Empowered Funds LLC now owns 2,041 shares of the technology company’s stock worth $449,000 after purchasing an additional 229 shares during the last quarter. Focus Partners Wealth increased its position in shares of SBA Communications by 9.0% during the 1st quarter. Focus Partners Wealth now owns 3,236 shares of the technology company’s stock worth $712,000 after purchasing an additional 266 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after purchasing an additional 84 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in SBA Communications by 11.3% during the 2nd quarter. First Trust Advisors LP now owns 94,692 shares of the technology company’s stock valued at $22,238,000 after purchasing an additional 9,617 shares during the last quarter. 97.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on SBAC. Scotiabank boosted their price target on shares of SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research report on Friday, May 1st. Truist Financial reaffirmed a “buy” rating and set a $248.00 price objective (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. Barclays lifted their target price on shares of SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Weiss Ratings reissued a “hold (c)” rating on shares of SBA Communications in a report on Monday, July 20th. Finally, The Goldman Sachs Group initiated coverage on SBA Communications in a research report on Friday, June 26th. They set a “neutral” rating and a $205.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.28.

SBA Communications Stock Up 0.0%

SBA Communications stock opened at $180.99 on Monday. The stock has a 50-day simple moving average of $189.42 and a 200 day simple moving average of $194.74. SBA Communications Corporation has a 12-month low of $162.41 and a 12-month high of $234.64. The stock has a market capitalization of $19.20 billion, a price-to-earnings ratio of 19.05, a P/E/G ratio of 1.81 and a beta of 0.99.

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.