Prudential PLC Cuts Holdings in SBA Communications Corporation $SBAC

Prudential PLC trimmed its stake in SBA Communications Corporation (NASDAQ:SBAC) by 88.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,366 shares of the technology company’s stock after selling 69,118 shares during the quarter. Prudential PLC’s holdings in SBA Communications were worth $1,812,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBAC. Jones Financial Companies Lllp boosted its stake in SBA Communications by 272.8% in the first 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 boosted its stake in SBA Communications by 12.6% in the first quarter. Empowered Funds LLC now owns 2,041 shares of the technology company’s stock valued at $449,000 after acquiring an additional 229 shares during the last quarter. Focus Partners Wealth boosted its stake in SBA Communications by 9.0% in the first quarter. Focus Partners Wealth now owns 3,236 shares of the technology company’s stock valued at $712,000 after acquiring an additional 266 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after acquiring an additional 84 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in SBA Communications by 11.3% in the second quarter. First Trust Advisors LP now owns 94,692 shares of the technology company’s stock valued at $22,238,000 after acquiring an additional 9,617 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SBAC has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their target price on shares of SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 7th. Scotiabank boosted their target price on shares of SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Sanford C. Bernstein started coverage on shares of SBA Communications in a research note on Thursday, March 5th. They issued a “market perform” rating and a $218.00 target price on the stock. KeyCorp upped their price target 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. Finally, Morgan Stanley upped their price target on shares of SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research note on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $237.22.

SBA Communications Stock Performance

Shares of SBAC stock opened at $208.02 on Monday. The stock has a market capitalization of $22.06 billion, a P/E ratio of 21.90, a PEG ratio of 2.08 and a beta of 0.99. The firm’s 50 day moving average is $207.16 and its 200 day moving average is $196.13. SBA Communications Corporation has a 12 month low of $162.41 and a 12 month high of $243.16.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Friday, May 22nd will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, May 22nd. SBA Communications’s dividend payout ratio is 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.