Clearbridge Investments LLC Acquires 88,438 Shares of SBA Communications Corporation $SBAC

Clearbridge Investments LLC raised its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 29.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 384,521 shares of the technology company’s stock after purchasing an additional 88,438 shares during the quarter. Clearbridge Investments LLC’s holdings in SBA Communications were worth $74,378,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in SBAC. Jones Financial Companies Lllp raised its position 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 valued at $166,000 after acquiring an additional 551 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of SBA Communications by 12.6% in the 1st 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 grew its holdings in shares of SBA Communications by 9.0% in the 1st 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. grew its holdings in shares of SBA Communications by 105.0% in the 1st 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 grew its holdings in shares of SBA Communications by 11.3% in the 2nd 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.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SBAC shares. Barclays boosted their price target on shares of SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Weiss Ratings raised shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, April 22nd. Wells Fargo & Company boosted their price target on shares of SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a report on Tuesday, April 7th. Royal Bank Of Canada boosted their price target on shares of SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, March 2nd. Finally, Truist Financial reissued a “buy” rating and issued a $248.00 price target (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. One 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 MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and an average price target of $237.22.

SBA Communications Trading Down 3.8%

Shares of NASDAQ SBAC opened at $200.10 on Tuesday. The firm has a market cap of $21.22 billion, a PE ratio of 21.06, a PEG ratio of 2.08 and a beta of 0.99. SBA Communications Corporation has a 1-year low of $162.41 and a 1-year high of $243.16. The company has a fifty day moving average price of $207.84 and a 200 day moving average price of $196.15.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Friday, May 22nd will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $5.00 dividend on an annualized basis and a yield of 2.5%. SBA Communications’s dividend payout ratio is presently 52.63%.

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.