Sumitomo Mitsui Trust Group Inc. Trims Stake in SBA Communications Corporation $SBAC

Sumitomo Mitsui Trust Group Inc. reduced its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 6.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 202,150 shares of the technology company’s stock after selling 13,037 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in SBA Communications were worth $34,792,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of SBAC. Elevation Wealth Partners LLC increased its position in shares of SBA Communications by 523.8% in the fourth 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. DV Equities LLC bought a new stake in SBA Communications during the fourth quarter valued at approximately $29,000. Fulcrum Asset Management LLP bought a new stake in SBA Communications during the third quarter valued at approximately $32,000. Geneos Wealth Management Inc. grew its stake in SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after buying an additional 84 shares in the last quarter. Finally, High Point Wealth Management LLC bought a new position in shares of SBA Communications in the 4th quarter worth $39,000. Institutional investors own 97.35% of the company’s stock.

SBA Communications Stock Down 1.5%

Shares of NASDAQ SBAC opened at $187.10 on Tuesday. The firm’s fifty day moving average is $197.77 and its 200 day moving average is $195.62. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $243.16. The company has a market cap of $19.84 billion, a price-to-earnings ratio of 19.69, a PEG ratio of 1.90 and a beta of 1.00.

SBA Communications Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SBAC shares. Scotiabank raised their price objective on shares of SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research report on Friday, May 1st. Royal Bank Of Canada reduced their target price on SBA Communications from $245.00 to $210.00 and set an “outperform” rating on the stock in a research note on Friday. Barclays raised their price target on SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Truist Financial reiterated a “buy” rating and issued a $248.00 price objective (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. Finally, Morgan Stanley increased their price objective on SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.83.

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.