SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. trimmed its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 9.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 953,359 shares of the technology company's stock after selling 94,084 shares during the quarter. Ameriprise Financial Inc. owned about 0.89% of SBA Communications worth $194,295,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Dodge & Cox increased its stake in SBA Communications by 352.5% during the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock worth $1,497,167,000 after acquiring an additional 5,722,740 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of SBA Communications by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock valued at $1,024,049,000 after purchasing an additional 605,872 shares during the last quarter. Geode Capital Management LLC raised its holdings in SBA Communications by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock valued at $586,827,000 after buying an additional 71,023 shares during the period. Cohen & Steers Inc. lifted its position in SBA Communications by 29.8% in the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock worth $383,762,000 after buying an additional 432,644 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its stake in SBA Communications by 8.3% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company's stock worth $379,290,000 after buying an additional 142,054 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SBAC. StockNews.com lowered shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Raymond James reaffirmed a "strong-buy" rating and issued a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a research report on Tuesday, April 29th. Citizens Jmp upgraded SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. JMP Securities raised their price target on shares of SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a research note on Tuesday, April 29th. Finally, Barclays boosted their price target on SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a report on Tuesday, April 29th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $252.38.

Insider Buying and Selling at SBA Communications

In other news, VP Joshua Koenig sold 2,209 shares of the company's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $224.18, for a total value of $495,213.62. Following the sale, the vice president now owns 6,079 shares in the company, valued at $1,362,790.22. This represents a 26.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jack Langer sold 5,000 shares of SBA Communications stock in a transaction that occurred on Thursday, May 1st. The shares were 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 of the company's stock, valued at approximately $2,531,487.98. This represents a 32.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.92% of the stock is owned by corporate insiders.

SBA Communications Trading Down 3.9%

NASDAQ SBAC traded down $9.24 on Monday, hitting $230.45. 197,131 shares of the company's stock traded hands, compared to its average volume of 894,928. The firm's 50-day moving average price is $223.82 and its two-hundred day moving average price is $216.07. The firm has a market capitalization of $24.80 billion, a PE ratio of 36.41, a P/E/G ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 1-year low of $185.44 and a 1-year high of $252.64.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be given a dividend of $1.11 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a yield of 1.93%. SBA Communications's dividend payout ratio is presently 60.91%.

About SBA Communications

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.