SEB Asset Management AB Acquires New Stake in SBA Communications Corporation $SBAC

SEB Asset Management AB acquired a new stake in SBA Communications Corporation (NASDAQ:SBAC) during the first quarter, Holdings Channel reports. The fund acquired 20,596 shares of the technology company’s stock, valued at approximately $3,545,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. J. Safra Sarasin Holding AG grew its holdings in shares of SBA Communications by 4.0% during the first quarter. J. Safra Sarasin Holding AG now owns 1,596 shares of the technology company’s stock worth $275,000 after buying an additional 62 shares in the last quarter. Norinchukin Bank The boosted its position in SBA Communications by 1.1% during the third quarter. Norinchukin Bank The now owns 6,037 shares of the technology company’s stock worth $1,167,000 after acquiring an additional 68 shares during the last quarter. Fortune Financial Advisors LLC grew its stake in SBA Communications by 3.3% during the 4th quarter. Fortune Financial Advisors LLC now owns 2,310 shares of the technology company’s stock valued at $447,000 after acquiring an additional 73 shares in the last quarter. Larson Financial Group LLC raised its holdings in SBA Communications by 47.6% in the 4th quarter. Larson Financial Group LLC now owns 248 shares of the technology company’s stock valued at $48,000 after acquiring an additional 80 shares during the last quarter. Finally, Quarry LP boosted its holdings in shares of SBA Communications by 20.3% during the 4th quarter. Quarry LP now owns 475 shares of the technology company’s stock worth $92,000 after purchasing an additional 80 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Performance

NASDAQ SBAC opened at $178.02 on Thursday. The firm has a market cap of $18.88 billion, a price-to-earnings ratio of 18.74, a PEG ratio of 1.77 and a beta of 1.00. The firm has a 50 day simple moving average of $193.18 and a 200-day simple moving average of $195.12. SBA Communications Corporation has a one year low of $162.41 and a one year high of $243.16.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were paid a $1.25 dividend. The ex-dividend date was Friday, May 22nd. This represents a $5.00 annualized dividend and a dividend yield of 2.8%. SBA Communications’s payout ratio is 52.63%.

Analysts Set New Price Targets

SBAC has been the topic of a number of recent research reports. Scotiabank boosted their price objective on SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research note on Friday, May 1st. 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 lowered their price objective on SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a research report on Friday, July 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of SBA Communications in a research report on Monday. Finally, Wells Fargo & Company upgraded shares of SBA Communications from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $220.00 to $210.00 in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, SBA Communications presently has a consensus rating of “Moderate Buy” and a consensus 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.