Allspring Global Investments Holdings LLC Has $32.75 Million Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Allspring Global Investments Holdings LLC increased its stake in SBA Communications Co. (NASDAQ:SBAC) by 16.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 136,054 shares of the technology company’s stock after acquiring an additional 19,013 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in SBA Communications were worth $32,748,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SBAC. Vanguard Group Inc. grew its holdings in SBA Communications by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 17,368,209 shares of the technology company’s stock worth $3,763,691,000 after acquiring an additional 88,339 shares during the period. Diamond Hill Capital Management Inc. lifted its stake in shares of SBA Communications by 13.4% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after purchasing an additional 233,179 shares during the period. American Century Companies Inc. boosted its position in shares of SBA Communications by 15.5% during the 2nd quarter. American Century Companies Inc. now owns 1,190,288 shares of the technology company’s stock valued at $233,654,000 after purchasing an additional 159,433 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in SBA Communications by 3.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 986,487 shares of the technology company’s stock worth $213,773,000 after purchasing an additional 33,507 shares during the period. Finally, D. E. Shaw & Co. Inc. increased its holdings in SBA Communications by 34.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 792,147 shares of the technology company’s stock worth $155,498,000 after purchasing an additional 203,938 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Barclays lifted their price objective on shares of SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. TD Cowen cut their price target on SBA Communications from $253.00 to $251.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a report on Friday, September 20th. Morgan Stanley increased their target price on SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $251.58.

Insider Activity

In related news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares in the company, valued at approximately $1,213,814.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the transaction, the chairman now owns 109,583 shares of the company’s stock, valued at $24,328,521.83. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,590 shares of company stock valued at $11,483,981 in the last three months. Company insiders own 1.30% of the company’s stock.

SBA Communications Stock Up 0.9 %

SBAC stock opened at $243.69 on Thursday. The business has a 50 day moving average of $235.74 and a 200-day moving average of $213.13. The firm has a market cap of $26.18 billion, a PE ratio of 47.78, a P/E/G ratio of 0.75 and a beta of 0.67. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.07 by ($0.56). The business had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the prior year, the business earned $3.24 earnings per share. On average, research analysts expect that SBA Communications Co. will post 12.52 earnings per share for the current year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd were paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Thursday, August 22nd. SBA Communications’s payout ratio is 76.86%.

SBA Communications Company 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.