Milford Funds Ltd. Purchases Shares of 71,110 SBA Communications Corporation $SBAC

Milford Funds Ltd. purchased a new stake in shares of SBA Communications Corporation (NASDAQ:SBAC) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 71,110 shares of the technology company’s stock, valued at approximately $13,755,000. Milford Funds Ltd. owned 0.07% of SBA Communications as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Prestige Wealth Management Group LLC increased its position in shares of SBA Communications by 3.6% during the third quarter. Prestige Wealth Management Group LLC now owns 1,715 shares of the technology company’s stock valued at $332,000 after acquiring an additional 60 shares in the last quarter. Choreo LLC boosted its holdings in SBA Communications by 1.1% in the third quarter. Choreo LLC now owns 6,047 shares of the technology company’s stock worth $1,169,000 after purchasing an additional 63 shares during the last quarter. Norinchukin Bank The boosted its holdings in SBA Communications by 1.1% in the third quarter. Norinchukin Bank The now owns 6,037 shares of the technology company’s stock worth $1,167,000 after purchasing an additional 68 shares during the last quarter. Fortune Financial Advisors LLC boosted its holdings in SBA Communications by 3.3% in the fourth quarter. Fortune Financial Advisors LLC now owns 2,310 shares of the technology company’s stock worth $447,000 after purchasing an additional 73 shares during the last quarter. Finally, Larson Financial Group LLC boosted its holdings in SBA Communications by 47.6% in the fourth quarter. Larson Financial Group LLC now owns 248 shares of the technology company’s stock worth $48,000 after purchasing an additional 80 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SBAC has been the topic of several research reports. Weiss Ratings upgraded shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, April 22nd. Sanford C. Bernstein initiated coverage on shares of SBA Communications in a report on Thursday, March 5th. They issued a “market perform” rating and a $218.00 target price on the stock. Barclays raised 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. KeyCorp raised their target price on shares of SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Finally, Morgan Stanley raised their target price on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $237.22.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $204.79 on Friday. The company’s fifty day simple moving average is $210.64 and its 200-day simple moving average is $196.42. The stock has a market capitalization of $21.72 billion, a PE ratio of 21.56, a P/E/G ratio of 2.03 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.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is currently 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.