PNC Financial Services Group Inc. Grows Stake in SBA Communications Co. (NASDAQ:SBAC)

PNC Financial Services Group Inc. raised its stake in SBA Communications Co. (NASDAQ:SBAC) by 0.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,060 shares of the technology company’s stock after acquiring an additional 76 shares during the period. PNC Financial Services Group Inc.’s holdings in SBA Communications were worth $4,582,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CVA Family Office LLC bought a new position in shares of SBA Communications during the fourth quarter valued at $37,000. Glassman Wealth Services lifted its holdings in shares of SBA Communications by 79.1% during the fourth 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. lifted its holdings in shares of SBA Communications by 73.6% during the fourth 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 lifted its holdings in shares of SBA Communications by 37.8% during the fourth 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, Quarry LP lifted its holdings in shares of SBA Communications by 400.0% during the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after purchasing an additional 132 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $191.19 on Wednesday. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76. The stock has a 50-day moving average price of $195.75 and a 200 day moving average price of $216.62. The stock has a market capitalization of $20.54 billion, a P/E ratio of 37.49, a P/E/G ratio of 0.61 and a beta of 0.65.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.21. The business had revenue of $657.86 million during the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.13 EPS. On average, research analysts predict that SBA Communications Co. will post 12.52 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd will be issued a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Wednesday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is 76.86%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SBAC shares. Wells Fargo & Company lowered their price target on SBA Communications from $260.00 to $230.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. Barclays lowered their target price on SBA Communications from $241.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. KeyCorp lowered their target price on SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. Bank of America raised SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price on the stock in a report on Thursday, March 7th. Finally, BMO Capital Markets lowered their target price on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a report on Tuesday, February 27th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $252.17.

About SBA Communications

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.