PNC Financial Services Group Inc. Decreases Position in SBA Communications Corporation $SBAC

PNC Financial Services Group Inc. lowered its stake in SBA Communications Corporation (NASDAQ:SBAC) by 21.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 14,949 shares of the technology company’s stock after selling 4,013 shares during the quarter. PNC Financial Services Group Inc.’s holdings in SBA Communications were worth $2,890,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Jones Financial Companies Lllp boosted its holdings 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 acquiring an additional 551 shares during the period. Empowered Funds LLC boosted 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 valued at $449,000 after purchasing an additional 229 shares during the period. Focus Partners Wealth boosted its stake in shares of 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 purchasing an additional 266 shares during the period. Geneos Wealth Management Inc. grew its holdings 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 in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its stake in SBA Communications by 0.8% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 23,443 shares of the technology company’s stock worth $5,413,000 after buying an additional 177 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on SBAC shares. Wells Fargo & Company decreased their price objective on shares of SBA Communications from $215.00 to $205.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 16th. UBS Group reduced their price target on SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a report on Tuesday, January 20th. BMO Capital Markets lowered their price objective on SBA Communications from $215.00 to $210.00 and set a “market perform” rating for the company in a research note on Tuesday, November 4th. Williams Trading set a $237.00 target price on SBA Communications in a research report on Tuesday, November 4th. Finally, JPMorgan Chase & Co. reduced their target price on SBA Communications from $245.00 to $240.00 and set a “neutral” rating for the company in a research note on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $235.18.

SBA Communications Stock Up 0.6%

Shares of NASDAQ SBAC opened at $199.54 on Friday. The stock’s 50 day moving average price is $189.91 and its two-hundred day moving average price is $195.88. SBA Communications Corporation has a 52-week low of $177.49 and a 52-week high of $245.16. The stock has a market capitalization of $21.26 billion, a P/E ratio of 26.02, a PEG ratio of 1.89 and a beta of 0.87.

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.