Principal Financial Group Inc. Sells 19,483 Shares of SBA Communications Corporation $SBAC

Principal Financial Group Inc. trimmed its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 12.2% during the first quarter, HoldingsChannel reports. The fund owned 140,072 shares of the technology company’s stock after selling 19,483 shares during the period. Principal Financial Group Inc.’s holdings in SBA Communications were worth $24,108,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SBAC. Aberdeen Group plc raised its holdings in SBA Communications by 12.4% during the fourth quarter. Aberdeen Group plc now owns 202,452 shares of the technology company’s stock worth $39,160,000 after acquiring an additional 22,293 shares in the last quarter. OFI Invest Asset Management bought a new position in SBA Communications in the fourth quarter valued at approximately $17,915,000. Nordea Investment Management AB grew its stake in SBA Communications by 5.4% in the fourth quarter. Nordea Investment Management AB now owns 1,245,399 shares of the technology company’s stock valued at $241,234,000 after purchasing an additional 63,323 shares in the last quarter. VCI Wealth Management LLC acquired a new position in shares of SBA Communications during the 4th quarter worth approximately $1,786,000. Finally, M&T Bank Corp increased its position in shares of SBA Communications by 8,722.0% during the 4th quarter. M&T Bank Corp now owns 263,601 shares of the technology company’s stock worth $50,988,000 after purchasing an additional 260,613 shares during the last quarter. 97.35% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SBAC has been the topic of a number of analyst reports. Morgan Stanley upped their price objective on SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 9th. Truist Financial restated a “buy” rating and set a $248.00 target price (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. Barclays boosted their target price on shares of SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. The Goldman Sachs Group began coverage on shares of SBA Communications in a research report on Friday, June 26th. They set a “neutral” rating and a $205.00 price target on the stock. Finally, Wells Fargo & Company upgraded shares of SBA Communications from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $220.00 to $210.00 in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, SBA Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.28.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $181.97 on Tuesday. The business has a fifty day simple moving average of $194.51 and a two-hundred day simple moving average of $195.35. SBA Communications Corporation has a 1 year low of $162.41 and a 1 year high of $243.16. The company has a market capitalization of $19.30 billion, a price-to-earnings ratio of 19.15, a P/E/G ratio of 1.85 and a beta of 1.00.

SBA Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Friday, May 22nd. SBA Communications’s dividend payout ratio (DPR) 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.