Allspring Global Investments Holdings LLC Has $58.96 Million Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Allspring Global Investments Holdings LLC lowered its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 16.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 272,079 shares of the technology company’s stock after selling 52,659 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.25% of SBA Communications worth $58,960,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CVA Family Office LLC acquired a new stake in shares of SBA Communications during the fourth quarter worth $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 worth $39,000 after buying an additional 68 shares in the last quarter. Pinnacle Bancorp Inc. increased its position in shares of SBA Communications by 73.6% in the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after purchasing an additional 67 shares during the period. Allworth Financial LP increased its position in shares of SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after purchasing an additional 45 shares during the period. Finally, Quarry LP increased its position in shares of SBA Communications by 400.0% in the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after purchasing an additional 132 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Wells Fargo & Company decreased their price target 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. Citigroup decreased their price target on SBA Communications from $290.00 to $260.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. KeyCorp decreased their price target on SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 30th. Barclays decreased their price target on SBA Communications from $241.00 to $240.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Finally, TD Cowen decreased their price target 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. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, SBA Communications has a consensus rating of “Moderate Buy” and a consensus price target of $249.08.

SBA Communications Trading Down 0.4 %

NASDAQ:SBAC opened at $189.00 on Wednesday. The stock has a market cap of $20.31 billion, a P/E ratio of 37.06, a price-to-earnings-growth ratio of 0.62 and a beta of 0.65. The stock’s 50-day moving average is $194.79 and its 200-day moving average is $213.21. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $258.76.

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, topping the consensus estimate of $1.21 by $0.21. The company had revenue of $657.86 million for 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 business’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same period in the previous year, the business posted $3.13 earnings per share. As a group, equities analysts forecast that SBA Communications Co. will post 12.51 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd were issued a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 2.07%. The ex-dividend date was Wednesday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is currently 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.