Norges Bank Purchases Shares of 1,565,288 SBA Communications Corporation $SBAC

Norges Bank purchased a new stake in SBA Communications Corporation (NASDAQ:SBAC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,565,288 shares of the technology company’s stock, valued at approximately $302,774,000. Norges Bank owned 1.47% of SBA Communications as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Elevation Wealth Partners LLC increased its position in shares of SBA Communications by 523.8% during the fourth quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock worth $25,000 after buying an additional 110 shares during the period. Fulcrum Asset Management LLP acquired a new stake in shares of SBA Communications during the third quarter worth $32,000. Geneos Wealth Management Inc. increased its position 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 worth $36,000 after buying an additional 84 shares during the period. High Point Wealth Management LLC acquired a new stake in shares of SBA Communications during the fourth quarter worth $39,000. Finally, Stance Capital LLC acquired a new stake in shares of SBA Communications during the third quarter worth $45,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Price Performance

SBAC opened at $204.05 on Tuesday. SBA Communications Corporation has a fifty-two week low of $162.41 and a fifty-two week high of $243.16. The firm has a market capitalization of $21.64 billion, a PE ratio of 21.48, a P/E/G ratio of 2.03 and a beta of 0.99. The company’s 50-day moving average is $204.55 and its 200 day moving average is $195.99.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Friday, May 22nd will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, May 22nd. SBA Communications’s dividend payout ratio is currently 52.63%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SBAC shares. Sanford C. Bernstein started coverage on shares of SBA Communications in a research report on Thursday, March 5th. They set a “market perform” rating and a $218.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of SBA Communications from $195.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 7th. Scotiabank increased their target price on shares of SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research note on Friday, May 1st. KeyCorp increased their target price on shares of SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Finally, Morgan Stanley increased their target price on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $237.22.

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.