OP Asset Management Ltd Purchases Shares of 11,183 SBA Communications Corporation $SBAC

OP Asset Management Ltd acquired a new stake in SBA Communications Corporation (NASDAQ:SBAC) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,183 shares of the technology company’s stock, valued at approximately $1,925,000.

Several other institutional investors have also recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its holdings in shares of SBA Communications by 4.8% during the first quarter. Assenagon Asset Management S.A. now owns 5,462 shares of the technology company’s stock worth $940,000 after purchasing an additional 248 shares during the period. SG Americas Securities LLC raised its position in SBA Communications by 170.6% during the 1st quarter. SG Americas Securities LLC now owns 469,911 shares of the technology company’s stock worth $80,876,000 after buying an additional 296,231 shares during the last quarter. Diversified Trust Co purchased a new position in SBA Communications during the 1st quarter worth approximately $508,000. Hsbc Holdings PLC lifted its stake in SBA Communications by 10.0% during the 4th quarter. Hsbc Holdings PLC now owns 179,229 shares of the technology company’s stock valued at $34,696,000 after acquiring an additional 16,265 shares during the period. Finally, Corient Private Wealth LLC lifted its stake in SBA Communications by 60.1% during the 4th quarter. Corient Private Wealth LLC now owns 24,707 shares of the technology company’s stock valued at $4,780,000 after acquiring an additional 9,270 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Price Performance

Shares of NASDAQ SBAC opened at $183.76 on Monday. The firm has a 50-day simple moving average of $205.52 and a 200-day simple moving average of $196.25. The stock has a market capitalization of $19.49 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 1.84 and a beta of 0.99. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $243.16.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.7%. The ex-dividend date was Friday, May 22nd. SBA Communications’s dividend payout ratio is presently 52.63%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SBAC shares. 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 note on Tuesday, April 7th. Truist Financial restated a “buy” rating and issued a $248.00 price objective (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. The Goldman Sachs Group initiated coverage on shares of SBA Communications in a research note on Friday. They set a “neutral” rating and a $205.00 target price on the stock. KeyCorp raised their price objective on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Finally, Barclays boosted their price objective on SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $236.39.

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.