Freestone Grove Partners LP Takes $2.13 Million Position in SBA Communications Co. (NASDAQ:SBAC)

Freestone Grove Partners LP acquired a new stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,462 shares of the technology company's stock, valued at approximately $2,132,000.

Other institutional investors have also recently made changes to their positions in the company. NewEdge Advisors LLC grew its stake in shares of SBA Communications by 23.9% in the fourth quarter. NewEdge Advisors LLC now owns 1,276 shares of the technology company's stock worth $260,000 after acquiring an additional 246 shares in the last quarter. Oak Thistle LLC grew its stake in SBA Communications by 76.1% during the 4th quarter. Oak Thistle LLC now owns 6,623 shares of the technology company's stock worth $1,350,000 after purchasing an additional 2,863 shares in the last quarter. Czech National Bank grew its stake in SBA Communications by 6.5% during the 4th quarter. Czech National Bank now owns 23,314 shares of the technology company's stock worth $4,751,000 after purchasing an additional 1,421 shares in the last quarter. First Hawaiian Bank increased its holdings in SBA Communications by 91.0% during the 4th quarter. First Hawaiian Bank now owns 12,377 shares of the technology company's stock worth $2,522,000 after purchasing an additional 5,897 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in SBA Communications by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company's stock valued at $266,675,000 after purchasing an additional 38,725 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company's stock.

SBA Communications Trading Down 0.0 %

SBAC stock traded down $0.01 on Monday, hitting $241.95. The company's stock had a trading volume of 700,854 shares, compared to its average volume of 897,869. SBA Communications Co. has a 1 year low of $185.44 and a 1 year high of $252.64. The stock has a market cap of $26.04 billion, a price-to-earnings ratio of 38.16, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. The firm has a 50 day moving average of $222.17 and a two-hundred day moving average of $216.18.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be paid a dividend of $1.11 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.44 annualized dividend and a dividend yield of 1.84%. SBA Communications's dividend payout ratio (DPR) is 60.91%.

Insider Buying and Selling

In related news, VP Joshua Koenig sold 2,209 shares of the firm's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the sale, the vice president now owns 6,079 shares in the company, valued at $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jack Langer sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $240.59, for a total value of $1,202,950.00. Following the transaction, the director now owns 10,522 shares in the company, valued at $2,531,487.98. The trade was a 32.21 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SBAC. BMO Capital Markets raised their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a report on Tuesday, April 29th. Raymond James restated a "strong-buy" rating and issued a $268.00 price target (up from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. Barclays upped their price objective on SBA Communications from $244.00 to $247.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 29th. Morgan Stanley began coverage on SBA Communications in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 target price on the stock. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $255.00 price target on shares of SBA Communications in a report on Monday, February 24th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, SBA Communications has an average rating of "Moderate Buy" and a consensus price target of $252.38.

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.