SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lowered its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 9.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 957,650 shares of the technology company's stock after selling 94,253 shares during the period. Bank of America Corp DE owned 0.89% of SBA Communications worth $195,169,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBAC. Evermay Wealth Management LLC acquired a new stake in shares of SBA Communications in the fourth quarter worth approximately $27,000. Graney & King LLC purchased a new stake in shares of SBA Communications during the 4th quarter valued at $29,000. Oakworth Capital Inc. increased its holdings in shares of SBA Communications by 161.8% during the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock worth $47,000 after buying an additional 144 shares during the last quarter. CKW Financial Group acquired a new position in SBA Communications in the fourth quarter valued at $56,000. Finally, Sherman Asset Management Inc. acquired a new stake in SBA Communications during the fourth quarter worth about $73,000. Hedge funds and other institutional investors own 97.35% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SBAC. Citigroup increased their price objective on shares of SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Barclays lifted their price target on shares of SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a report on Tuesday, April 29th. JMP Securities raised their price target on SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a report on Tuesday, April 29th. Wells Fargo & Company lifted their price target on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 26th. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $255.00 price target on shares of SBA Communications in a research report on Monday, February 24th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $252.38.

SBA Communications Stock Up 1.3 %

SBA Communications stock traded up $3.04 during midday trading on Friday, reaching $239.66. 670,644 shares of the stock traded hands, compared to its average volume of 897,620. SBA Communications Co. has a 12 month low of $185.44 and a 12 month high of $252.64. The stock's fifty day moving average is $223.82 and its 200-day moving average is $216.07. The stock has a market cap of $25.79 billion, a P/E ratio of 37.80, a PEG ratio of 0.74 and a beta of 0.83.

SBA Communications Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.85%. SBA Communications's payout ratio is 60.91%.

Insider Buying and Selling

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

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.