Sumitomo Mitsui Trust Group Inc. Has $34.79 Million Holdings in SBA Communications Corporation $SBAC

Sumitomo Mitsui Trust Group Inc. decreased its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 6.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 202,150 shares of the technology company’s stock after selling 13,037 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.19% of SBA Communications worth $34,792,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its stake in shares of SBA Communications by 272.8% during the 1st quarter. Jones Financial Companies Lllp now owns 753 shares of the technology company’s stock worth $166,000 after purchasing an additional 551 shares during the period. Empowered Funds LLC raised its position in SBA Communications by 12.6% in the first quarter. Empowered Funds LLC now owns 2,041 shares of the technology company’s stock worth $449,000 after acquiring an additional 229 shares during the period. Focus Partners Wealth raised its position in SBA Communications by 9.0% in the first quarter. Focus Partners Wealth now owns 3,236 shares of the technology company’s stock worth $712,000 after acquiring an additional 266 shares during the period. Geneos Wealth Management Inc. boosted its stake in 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 acquiring an additional 84 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in 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 acquiring an additional 9,617 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $187.10 on Tuesday. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16. The firm has a market cap of $19.84 billion, a price-to-earnings ratio of 19.69, a PEG ratio of 1.90 and a beta of 1.00. The business’s fifty day moving average is $197.77 and its 200 day moving average is $195.62.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd were given a $1.25 dividend. 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 52.63%.

Analyst Upgrades and Downgrades

SBAC has been the subject of several research analyst reports. Wells Fargo & Company raised their price target 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. Barclays upped their price objective on 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 raised SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, April 22nd. Truist Financial reissued a “buy” rating and issued a $248.00 target price (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. Finally, Morgan Stanley boosted their target price on SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research note on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $235.83.

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.