Handelsbanken Fonder AB Sells 10,055 Shares of SBA Communications Corporation $SBAC

Handelsbanken Fonder AB lessened its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 14.8% in the fourth quarter, HoldingsChannel reports. The fund owned 57,992 shares of the technology company’s stock after selling 10,055 shares during the period. Handelsbanken Fonder AB’s holdings in SBA Communications were worth $11,217,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its stake in shares of SBA Communications by 272.8% in the first quarter. Jones Financial Companies Lllp now owns 753 shares of the technology company’s stock valued at $166,000 after buying an additional 551 shares during the period. Empowered Funds LLC boosted its stake in shares of SBA Communications by 12.6% in the first quarter. Empowered Funds LLC now owns 2,041 shares of the technology company’s stock valued at $449,000 after buying an additional 229 shares during the period. Focus Partners Wealth boosted its stake in shares of SBA Communications by 9.0% in the first quarter. Focus Partners Wealth now owns 3,236 shares of the technology company’s stock valued at $712,000 after buying an additional 266 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of SBA Communications by 105.0% in 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 period. Finally, First Trust Advisors LP boosted its stake in shares of SBA Communications by 11.3% in the second quarter. First Trust Advisors LP now owns 94,692 shares of the technology company’s stock valued at $22,238,000 after buying an additional 9,617 shares during the period. Institutional investors own 97.35% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. KeyCorp boosted their price target on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Truist Financial reiterated a “buy” rating and issued a $248.00 price target (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. Scotiabank boosted their price target 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. Barclays boosted their price target on SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Finally, Royal Bank Of Canada boosted their price target on SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. One equities research 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $237.22.

SBA Communications Price Performance

Shares of SBAC opened at $208.07 on Friday. SBA Communications Corporation has a one year low of $162.41 and a one year high of $243.16. The company has a market cap of $22.07 billion, a P/E ratio of 21.90, a P/E/G ratio of 2.07 and a beta of 1.03. The firm has a 50 day simple moving average of $202.08 and a two-hundred day simple moving average of $195.67.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, beating the consensus estimate of $3.25 by $0.22. SBA Communications had a net margin of 35.66% and a negative return on equity of 20.90%. The business had revenue of $719.58 million during the quarter, compared to the consensus estimate of $725.80 million. During the same period in the previous year, the business earned $3.47 earnings per share. The company’s revenue was up 3.7% on a year-over-year basis. On average, analysts expect that SBA Communications Corporation will post 11.42 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, May 22nd. SBA Communications’s payout ratio is currently 52.63%.

SBA Communications 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.