The Manufacturers Life Insurance Company Sells 6,228 Shares of SBA Communications Corporation $SBAC

The Manufacturers Life Insurance Company reduced its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 6.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 85,624 shares of the technology company’s stock after selling 6,228 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.08% of SBA Communications worth $14,737,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Jones Financial Companies Lllp increased its position in SBA Communications by 272.8% in the 1st quarter. Jones Financial Companies Lllp now owns 753 shares of the technology company’s stock worth $166,000 after buying an additional 551 shares during the period. Empowered Funds LLC grew its stake in shares of 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 last quarter. Focus Partners Wealth increased its position in SBA Communications by 9.0% during 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. raised its stake in SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after purchasing an additional 84 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in SBA Communications by 11.3% during the 2nd quarter. First Trust Advisors LP now owns 94,692 shares of the technology company’s stock valued at $22,238,000 after purchasing an additional 9,617 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the stock. The Goldman Sachs Group started coverage on shares of SBA Communications in a research report on Friday, June 26th. They issued a “neutral” rating and a $205.00 price target on the stock. Morgan Stanley upped their price objective on shares of SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research report on Thursday, April 9th. KeyCorp increased their target price on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Weiss Ratings restated a “hold (c)” rating on shares of SBA Communications in a research note on Monday, July 20th. Finally, Wells Fargo & Company upgraded SBA Communications from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $220.00 to $210.00 in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $235.28.

SBA Communications Stock Performance

Shares of SBA Communications stock opened at $180.99 on Monday. The firm’s 50-day simple moving average is $189.42 and its 200-day simple moving average is $194.74. SBA Communications Corporation has a twelve month low of $162.41 and a twelve month high of $234.64. The firm has a market cap of $19.20 billion, a P/E ratio of 19.05, a price-to-earnings-growth ratio of 1.81 and a beta of 0.99.

SBA Communications 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.