Wealthfront Advisers LLC Trims Stock Holdings in SBA Communications Corporation $SBAC

Wealthfront Advisers LLC decreased its position in SBA Communications Corporation (NASDAQ:SBAC) by 9.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,205 shares of the technology company’s stock after selling 4,077 shares during the quarter. Wealthfront Advisers LLC’s holdings in SBA Communications were worth $6,748,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SBAC. Jones Financial Companies Lllp increased its stake in shares of 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 acquiring an additional 551 shares in the last quarter. Empowered Funds LLC boosted its stake in SBA Communications by 12.6% during 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 in the last quarter. Focus Partners Wealth grew its holdings in SBA Communications by 9.0% in the first quarter. Focus Partners Wealth now owns 3,236 shares of the technology company’s stock worth $712,000 after purchasing an additional 266 shares during the period. Geneos Wealth Management Inc. grew its holdings in SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after purchasing an additional 84 shares during the period. Finally, First Trust Advisors LP increased its stake in shares of SBA Communications by 11.3% during the second 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 in the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Stock Performance

Shares of NASDAQ SBAC opened at $185.69 on Friday. The firm’s 50 day moving average price is $195.21 and its 200-day moving average price is $195.43. The company has a market cap of $19.69 billion, a PE ratio of 19.55, a P/E/G ratio of 1.85 and a beta of 1.00. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.7%. The ex-dividend date was Friday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is currently 52.63%.

Analyst Upgrades and Downgrades

SBAC has been the subject of several recent research reports. Truist Financial reiterated a “buy” rating and set a $248.00 target price (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. Barclays raised their price objective on SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Scotiabank lifted their price objective on SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Morgan Stanley boosted their target price on SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a report on Thursday, April 9th. Finally, Weiss Ratings raised SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $235.28.

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.