PNC Financial Services Group Inc. Has $1.95 Million Stake in SBA Communications Corporation $SBAC

PNC Financial Services Group Inc. reduced its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 24.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 11,326 shares of the technology company’s stock after selling 3,628 shares during the quarter. PNC Financial Services Group Inc.’s holdings in SBA Communications were worth $1,949,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SBAC. Dodge & Cox boosted its stake in shares of SBA Communications by 24.1% during the 4th quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock worth $2,320,412,000 after acquiring an additional 2,328,837 shares in the last quarter. Norges Bank acquired a new stake in SBA Communications in the 4th quarter worth approximately $302,774,000. Arrowstreet Capital Limited Partnership lifted its holdings in SBA Communications by 256.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,092,612 shares of the technology company’s stock worth $211,344,000 after purchasing an additional 785,850 shares during the last quarter. Millennium Management LLC boosted its position in SBA Communications by 171.8% during the fourth quarter. Millennium Management LLC now owns 811,543 shares of the technology company’s stock worth $156,977,000 after purchasing an additional 513,002 shares during the period. Finally, SG Americas Securities LLC boosted its position in SBA Communications by 170.6% during the first quarter. SG Americas Securities LLC now owns 469,911 shares of the technology company’s stock worth $80,876,000 after purchasing an additional 296,231 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Trading Up 6.5%

SBAC opened at $186.29 on Thursday. The business has a 50 day moving average of $190.44 and a 200-day moving average of $194.76. The stock has a market capitalization of $19.76 billion, a price-to-earnings ratio of 19.61, a P/E/G ratio of 1.75 and a beta of 1.00. SBA Communications Corporation has a 1-year low of $162.41 and a 1-year high of $234.64.

Wall Street Analysts Forecast Growth

SBAC has been the topic of a number of recent analyst reports. Wells Fargo & Company raised shares of SBA Communications from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $220.00 to $210.00 in a research report on Friday, July 17th. Barclays raised their target price on shares of SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Truist Financial reiterated a “buy” rating and issued a $248.00 target price (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. Royal Bank Of Canada cut their target price on shares of SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a research report on Friday, July 10th. Finally, The Goldman Sachs Group initiated coverage on shares of SBA Communications in a report on Friday, June 26th. They set a “neutral” rating and a $205.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $235.28.

SBA Communications Company 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.