Hsbc Holdings PLC Reduces Stock Position in SBA Communications Corporation $SBAC

Hsbc Holdings PLC lessened its position in SBA Communications Corporation (NASDAQ:SBAC) by 1.7% during the first quarter, Holdings Channel.com reports. The fund owned 176,106 shares of the technology company’s stock after selling 3,123 shares during the period. Hsbc Holdings PLC’s holdings in SBA Communications were worth $30,256,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of SBAC. Dodge & Cox raised its stake in shares of SBA Communications by 24.1% during the fourth quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock valued at $2,320,412,000 after acquiring an additional 2,328,837 shares during the last quarter. Norges Bank purchased a new stake in shares of SBA Communications during the fourth quarter worth about $302,774,000. Arrowstreet Capital Limited Partnership grew its stake in shares of SBA Communications by 256.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,092,612 shares of the technology company’s stock worth $211,344,000 after purchasing an additional 785,850 shares during the last quarter. Millennium Management LLC grew its stake in shares of SBA Communications by 171.8% in the fourth quarter. Millennium Management LLC now owns 811,543 shares of the technology company’s stock worth $156,977,000 after purchasing an additional 513,002 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of SBA Communications by 170.6% in the first quarter. SG Americas Securities LLC now owns 469,911 shares of the technology company’s stock worth $80,876,000 after purchasing an additional 296,231 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Trading Down 2.8%

Shares of SBAC opened at $176.82 on Wednesday. The firm’s 50-day moving average price is $193.77 and its 200-day moving average price is $195.23. The firm has a market capitalization of $18.75 billion, a price-to-earnings ratio of 18.61, a PEG ratio of 1.82 and a beta of 1.00. SBA Communications Corporation has a 1-year low of $162.41 and a 1-year high of $243.16.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd were issued a $1.25 dividend. The ex-dividend date was Friday, May 22nd. This represents a $5.00 annualized dividend and a yield of 2.8%. SBA Communications’s dividend payout ratio (DPR) is 52.63%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. KeyCorp boosted their price target on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Weiss Ratings upgraded SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. Scotiabank lifted their price objective on SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. The Goldman Sachs Group began coverage on SBA Communications in a research note on Friday, June 26th. They set a “neutral” rating and a $205.00 target price on the stock. Finally, Wells Fargo & Company upgraded SBA Communications from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $220.00 to $210.00 in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, SBA Communications currently has a consensus rating of “Moderate Buy” and an average target price of $235.28.

SBA Communications Company 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.