SBA Communications Corporation $SBAC Shares Sold by Cohen & Steers Inc.

Cohen & Steers Inc. lowered its position in SBA Communications Corporation (NASDAQ:SBAC) by 8.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,448,807 shares of the technology company’s stock after selling 332,268 shares during the quarter. SBA Communications accounts for 1.2% of Cohen & Steers Inc.’s investment portfolio, making the stock its 21st biggest position. Cohen & Steers Inc. owned 3.24% of SBA Communications worth $667,146,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prestige Wealth Management Group LLC lifted its position in SBA Communications by 3.6% in the third quarter. Prestige Wealth Management Group LLC now owns 1,715 shares of the technology company’s stock worth $332,000 after purchasing an additional 60 shares during the period. Choreo LLC lifted its position in SBA Communications by 1.1% in the third quarter. Choreo LLC now owns 6,047 shares of the technology company’s stock worth $1,169,000 after purchasing an additional 63 shares during the period. Norinchukin Bank The lifted its position in SBA Communications by 1.1% in the third quarter. Norinchukin Bank The now owns 6,037 shares of the technology company’s stock worth $1,167,000 after purchasing an additional 68 shares during the period. Fortune Financial Advisors LLC lifted its position in SBA Communications by 3.3% in the fourth quarter. Fortune Financial Advisors LLC now owns 2,310 shares of the technology company’s stock worth $447,000 after purchasing an additional 73 shares during the period. Finally, Larson Financial Group LLC lifted its position in shares of SBA Communications by 47.6% during the 4th quarter. Larson Financial Group LLC now owns 248 shares of the technology company’s stock valued at $48,000 after acquiring an additional 80 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Up 0.6%

Shares of NASDAQ:SBAC opened at $204.79 on Friday. The company’s fifty day moving average is $210.64 and its two-hundred day moving average is $196.42. SBA Communications Corporation has a 12-month low of $162.41 and a 12-month high of $243.16. The company has a market cap of $21.72 billion, a P/E ratio of 21.56, a price-to-earnings-growth ratio of 2.03 and a beta of 0.99.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, May 22nd. SBA Communications’s payout ratio is 52.63%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SBAC shares. 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. Truist Financial reiterated a “buy” rating and set a $248.00 price objective (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. KeyCorp increased their price objective on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Barclays increased their price objective on SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Finally, Sanford C. Bernstein started coverage on SBA Communications in a research report on Thursday, March 5th. They set a “market perform” rating and a $218.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, SBA Communications presently has an average rating of “Moderate Buy” and a consensus target price of $237.22.

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.