Cohen & Steers Inc. Sells 1,741,851 Shares of SBA Communications Co. (NASDAQ:SBAC)

Cohen & Steers Inc. cut its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 30.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,046,300 shares of the technology company’s stock after selling 1,741,851 shares during the quarter. SBA Communications accounts for about 2.1% of Cohen & Steers Inc.’s holdings, making the stock its 16th biggest holding. Cohen & Steers Inc.’s holdings in SBA Communications were worth $1,026,523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of SBAC. CVA Family Office LLC purchased a new stake in shares of SBA Communications in the 4th quarter valued at $37,000. Glassman Wealth Services boosted its stake in shares of SBA Communications by 79.1% in the 4th quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock valued at $39,000 after purchasing an additional 68 shares in the last quarter. Pinnacle Bancorp Inc. boosted its stake in shares of SBA Communications by 73.6% in the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after purchasing an additional 67 shares in the last quarter. Allworth Financial LP boosted its stake in shares of SBA Communications by 37.8% in the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after purchasing an additional 45 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in shares of SBA Communications in the 4th quarter valued at $43,000. 97.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SBAC. TD Cowen cut their price objective on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Citigroup cut their price objective on shares of SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Royal Bank of Canada cut their price objective on shares of SBA Communications from $250.00 to $235.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Barclays lowered their price target on shares of SBA Communications from $241.00 to $240.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Finally, Wells Fargo & Company lowered their price target on shares of SBA Communications from $260.00 to $230.00 and set an “overweight” rating for the company in a report on Tuesday, April 30th. Eleven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $252.17.

SBA Communications Trading Up 2.0 %

NASDAQ SBAC traded up $3.94 during trading on Wednesday, hitting $196.29. The company had a trading volume of 1,198,660 shares, compared to its average volume of 972,242. SBA Communications Co. has a one year low of $183.64 and a one year high of $258.76. The company has a market cap of $21.09 billion, a price-to-earnings ratio of 38.49, a price-to-earnings-growth ratio of 0.61 and a beta of 0.65. The company’s fifty day moving average is $197.42 and its 200-day moving average is $218.23.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The business had revenue of $657.86 million during the quarter, compared to analyst estimates of $671.08 million. During the same period in the prior year, the business earned $3.13 EPS. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. As a group, equities analysts anticipate that SBA Communications Co. will post 12.53 EPS for the current year.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd will be issued a $0.98 dividend. The ex-dividend date of this dividend is Wednesday, May 22nd. This represents a $3.92 annualized dividend and a yield of 2.00%. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

SBA Communications Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.