Aviva PLC Has $4.61 Million Position in SBA Communications Co. (NASDAQ:SBAC)

Posted by Defense World Staff on May 29th, 2023

Aviva PLC raised its holdings in SBA Communications Co. (NASDAQ:SBAC – Get Rating) by 39.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 74,650 shares of the technology company’s stock after buying an additional 21,162 shares during the period. Aviva PLC owned 0.07% of SBA Communications worth $4,607,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBAC. Allworth Financial LP grew its position in shares of SBA Communications by 246.2% in the 4th quarter. Allworth Financial LP now owns 90 shares of the technology company’s stock valued at $25,000 after acquiring an additional 64 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of SBA Communications by 71.7% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 91 shares of the technology company’s stock valued at $26,000 after acquiring an additional 38 shares during the period. Carolinas Wealth Consulting LLC grew its position in shares of SBA Communications by 248.0% in the 1st quarter. Carolinas Wealth Consulting LLC now owns 87 shares of the technology company’s stock valued at $30,000 after acquiring an additional 62 shares during the period. Ancora Advisors LLC grew its position in shares of SBA Communications by 88.6% in the 1st quarter. Ancora Advisors LLC now owns 132 shares of the technology company’s stock valued at $37,000 after acquiring an additional 62 shares during the period. Finally, International Assets Investment Management LLC grew its position in shares of SBA Communications by 20,788.3% in the 4th quarter. International Assets Investment Management LLC now owns 16,084 shares of the technology company’s stock valued at $38,000 after acquiring an additional 16,007 shares during the period. 93.54% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SBAC. Wells Fargo & Company decreased their price objective on shares of SBA Communications from $340.00 to $300.00 in a research report on Tuesday, May 2nd. StockNews.com assumed coverage on shares of SBA Communications in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Raymond James reduced their target price on shares of SBA Communications from $334.00 to $330.00 in a report on Tuesday, May 2nd. Royal Bank of Canada reduced their target price on shares of SBA Communications from $320.00 to $290.00 in a report on Monday, May 8th. Finally, Barclays reduced their target price on shares of SBA Communications from $330.00 to $306.00 in a report on Wednesday, May 17th. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and an average target price of $322.93.

SBA Communications Trading Up 0.9 %

Shares of NASDAQ:SBAC opened at $223.80 on Monday. The firm has a 50 day moving average of $248.53 and a 200-day moving average of $271.48. The stock has a market capitalization of $24.25 billion, a PE ratio of 65.44 and a beta of 0.50. SBA Communications Co. has a 12 month low of $219.84 and a 12 month high of $356.59.

SBA Communications (NASDAQ:SBAC – Get Rating) last issued its earnings results on Monday, May 1st. The technology company reported $0.93 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.28). The firm had revenue of $675.52 million during the quarter, compared to analyst estimates of $672.47 million. SBA Communications had a net margin of 13.91% and a negative return on equity of 7.01%. SBA Communications’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.96 earnings per share. On average, research analysts predict that SBA Communications Co. will post 11.74 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 21st. Investors of record on Friday, May 26th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Thursday, May 25th. SBA Communications’s dividend payout ratio is 99.42%.

SBA Communications Profile

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SBA Communications Corp. is a real estate investment trust, which engages in the provision of wireless communications infrastructures. It operates through the following business segments: Domestic Site Leasing, International Site Leasing, and Site Development. The Domestic Site Leasing segment includes AT&T, Sprint, T-Mobile, and Verizon Wireless.