SBA Communications Corporation $SBAC Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp decreased its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 8.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,215 shares of the technology company’s stock after selling 2,589 shares during the quarter. Fifth Third Bancorp’s holdings in SBA Communications were worth $5,455,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SBAC. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in SBA Communications by 3.0% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 179,706 shares of the technology company’s stock valued at $42,202,000 after acquiring an additional 5,246 shares in the last quarter. Impax Asset Management Group plc lifted its position in shares of SBA Communications by 58.2% during the second quarter. Impax Asset Management Group plc now owns 5,501 shares of the technology company’s stock worth $1,292,000 after purchasing an additional 2,023 shares in the last quarter. Donoghue Forlines LLC purchased a new position in shares of SBA Communications in the second quarter valued at approximately $2,824,000. Diamond Hill Capital Management Inc. grew its holdings in shares of SBA Communications by 24.6% in the third quarter. Diamond Hill Capital Management Inc. now owns 1,855,329 shares of the technology company’s stock valued at $358,728,000 after purchasing an additional 366,491 shares in the last quarter. Finally, SteelPeak Wealth LLC purchased a new stake in SBA Communications during the 3rd quarter worth approximately $2,618,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Trading Up 1.2%

SBAC stock opened at $203.12 on Wednesday. The stock has a market cap of $21.64 billion, a P/E ratio of 26.48, a PEG ratio of 1.90 and a beta of 0.87. SBA Communications Corporation has a twelve month low of $177.49 and a twelve month high of $245.16. The company’s 50 day moving average is $189.48 and its two-hundred day moving average is $196.23.

Wall Street Analysts Forecast Growth

Several research firms have commented on SBAC. Royal Bank Of Canada dropped their price target on shares of SBA Communications from $235.00 to $232.00 and set an “outperform” rating for the company in a research note on Monday, November 10th. Barclays lowered their target price on SBA Communications from $219.00 to $212.00 and set an “overweight” rating for the company in a research note on Monday, December 1st. UBS Group reduced their price target on SBA Communications from $275.00 to $260.00 and set a “buy” rating on the stock in a research report on Tuesday, January 20th. Scotiabank lowered their price objective on SBA Communications from $252.00 to $233.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. Finally, Wells Fargo & Company cut their target price on shares of SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.18.

SBA Communications Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.