PNC Financial Services Group Inc. Increases Holdings in SBA Communications Co. (NASDAQ:SBAC)

PNC Financial Services Group Inc. increased its position in SBA Communications Co. (NASDAQ:SBAC) by 0.4% in the 4th quarter, Holdings Channel reports. The firm owned 18,060 shares of the technology company’s stock after buying 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 filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. CVA Family Office LLC purchased a new stake in shares of SBA Communications in the 4th quarter valued at about $37,000. Glassman Wealth Services lifted its holdings 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 during the last quarter. Pinnacle Bancorp Inc. lifted its holdings 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 during the last quarter. Allworth Financial LP lifted its holdings 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 during the last quarter. Finally, Quarry LP lifted its holdings in shares of SBA Communications by 400.0% in the 4th quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after purchasing an additional 132 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

Shares of 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 company has a market cap 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. The stock has a fifty day moving average price of $195.75 and a 200 day moving average price of $216.62.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.21. The firm had revenue of $657.86 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.13 EPS. On average, sell-side analysts forecast that SBA Communications Co. will post 12.52 EPS for the current fiscal year.

SBA Communications Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. KeyCorp reduced their target price on SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a report on Tuesday, April 30th. TD Cowen dropped their target price on SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Wells Fargo & Company dropped their target price on SBA Communications from $260.00 to $230.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 30th. Bank of America raised SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a research note on Thursday, March 7th. Finally, StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a research note on Tuesday, June 11th. Eleven 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.com, SBA Communications has an average rating of “Buy” and an average price target of $252.17.

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.