SBA Communications Corporation $SBAC Stake Cut by Permit Capital LLC

Permit Capital LLC reduced its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 0.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 575,312 shares of the technology company’s stock after selling 2,610 shares during the period. SBA Communications makes up 34.6% of Permit Capital LLC’s investment portfolio, making the stock its largest holding. Permit Capital LLC owned about 0.54% of SBA Communications worth $111,283,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Elevation Wealth Partners LLC grew its position in SBA Communications by 523.8% during the 4th quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock worth $25,000 after purchasing an additional 110 shares during the last quarter. Fulcrum Asset Management LLP purchased a new stake in shares of SBA Communications in the third quarter valued at about $32,000. Geneos Wealth Management Inc. boosted its holdings in shares of 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 in the last quarter. High Point Wealth Management LLC purchased a new stake in shares of SBA Communications in the fourth quarter valued at about $39,000. Finally, Stance Capital LLC purchased a new stake in shares of SBA Communications in the third quarter valued at about $45,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SBAC has been the topic of several analyst reports. Wells Fargo & Company lifted their target price on shares of SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a report on Tuesday, April 7th. KeyCorp lifted their target price on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Weiss Ratings raised 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. Finally, Morgan Stanley lifted their target price on shares of SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $237.22.

SBA Communications Stock Performance

SBAC stock opened at $208.02 on Monday. The company has a market cap of $22.06 billion, a P/E ratio of 21.90, a P/E/G ratio of 2.08 and a beta of 0.99. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $243.16. The company’s 50-day moving average price is $207.16 and its 200 day moving average price is $196.13.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend 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.