Cresset Asset Management LLC Sells 9,127 Shares of SBA Communications Co. (NASDAQ:SBAC)

Cresset Asset Management LLC lessened its holdings in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 68.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,164 shares of the technology company's stock after selling 9,127 shares during the quarter. Cresset Asset Management LLC's holdings in SBA Communications were worth $849,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of SBAC. Dodge & Cox increased its position in shares of SBA Communications by 352.5% during the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after buying an additional 5,722,740 shares during the period. Norges Bank bought a new stake in SBA Communications during the 4th quarter worth approximately $268,287,000. Wealthfront Advisers LLC lifted its stake in SBA Communications by 23,553.0% in the 4th quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company's stock worth $229,648,000 after purchasing an additional 1,122,064 shares in the last quarter. BROOKFIELD Corp ON boosted its holdings in SBA Communications by 27,449.9% in the 4th quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock valued at $202,016,000 after purchasing an additional 987,647 shares during the period. Finally, JPMorgan Chase & Co. grew 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 in the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

SBA Communications Price Performance

NASDAQ SBAC traded up $3.99 during trading on Friday, hitting $233.08. 1,084,678 shares of the company's stock traded hands, compared to its average volume of 901,179. The stock has a fifty day moving average of $224.21 and a two-hundred day moving average of $216.03. SBA Communications Co. has a 12-month low of $185.44 and a 12-month high of $252.64. The firm has a market cap of $25.08 billion, a P/E ratio of 36.76, a PEG ratio of 0.74 and a beta of 0.83.

SBA Communications Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 1.90%. SBA Communications's payout ratio is 60.91%.

Analyst Upgrades and Downgrades

SBAC has been the topic of a number of recent analyst reports. BMO Capital Markets increased their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a research report on Tuesday, April 29th. Royal Bank of Canada reissued an "outperform" rating and set a $255.00 price objective on shares of SBA Communications in a report on Monday, February 24th. Raymond James restated a "strong-buy" rating and issued a $268.00 price objective (up from $265.00) on shares of SBA Communications in a research report on Tuesday, April 29th. Barclays lifted their target price on shares of SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a research report on Tuesday, April 29th. Finally, Citigroup increased their price target on shares of SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, SBA Communications presently has an average rating of "Moderate Buy" and a consensus target price of $252.38.

Insiders Place Their Bets

In related news, 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 sale, the director now directly owns 10,522 shares in the company, valued at $2,531,487.98. This represents a 32.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Joshua Koenig sold 2,209 shares of the firm's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders own 0.92% of the company's stock.

SBA Communications Company 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.