SBA Communications Corporation $SBAC Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia reduced its stake in SBA Communications Corporation (NASDAQ:SBAC) by 10.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,124 shares of the technology company’s stock after selling 3,287 shares during the period. Bank of Nova Scotia’s holdings in SBA Communications were worth $4,668,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Dodge & Cox raised its holdings in shares of SBA Communications by 24.1% during the fourth quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock valued at $2,320,412,000 after buying an additional 2,328,837 shares during the last quarter. State Street Corp increased its position in SBA Communications by 3.3% in the 4th quarter. State Street Corp now owns 4,911,615 shares of the technology company’s stock valued at $950,054,000 after acquiring an additional 158,738 shares during the period. Geode Capital Management LLC raised its stake in SBA Communications by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company’s stock valued at $594,655,000 after acquiring an additional 16,153 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in SBA Communications by 9.7% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company’s stock valued at $393,615,000 after acquiring an additional 179,591 shares in the last quarter. Finally, Invesco Ltd. boosted its position in SBA Communications by 0.5% during the 4th quarter. Invesco Ltd. now owns 1,815,032 shares of the technology company’s stock worth $351,082,000 after acquiring an additional 9,656 shares during the period. 97.35% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SBAC has been the subject of several recent analyst reports. Royal Bank Of Canada decreased their price objective on shares of SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a report on Friday, July 10th. KeyCorp boosted their target price on SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Morgan Stanley upped their target price on SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 9th. Scotiabank increased their price target on SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Finally, Barclays lifted their price target on SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $235.28.

SBA Communications Stock Performance

Shares of SBAC opened at $172.61 on Tuesday. The firm has a market cap of $18.31 billion, a PE ratio of 18.17, a PEG ratio of 1.73 and a beta of 1.00. The firm’s 50 day moving average price is $191.52 and its 200 day moving average price is $194.77. SBA Communications Corporation has a twelve month low of $162.41 and a twelve month high of $234.64.

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.