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Ballentine Partners LLC Takes $325,000 Position in SBA Communications Corporation (NASDAQ:SBAC)

SBA Communications logo with Finance background

Ballentine Partners LLC purchased a new stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,479 shares of the technology company's stock, valued at approximately $325,000.

Other institutional investors also recently added to or reduced their stakes in the company. Dodge & Cox boosted its position in shares of SBA Communications by 352.5% in the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after acquiring an additional 5,722,740 shares during the period. Norges Bank purchased a new position in shares of SBA Communications during the fourth quarter worth approximately $268,287,000. BROOKFIELD Corp ON raised its stake in shares of SBA Communications by 27,449.9% during the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock worth $202,016,000 after acquiring an additional 987,647 shares in the last quarter. Voyager Global Management LP purchased a new position in shares of SBA Communications during the fourth quarter worth approximately $95,786,000. Finally, Cohen & Steers Inc. raised its stake in shares of SBA Communications by 29.8% during the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock worth $383,762,000 after acquiring an additional 432,644 shares in the last quarter. Institutional investors own 97.35% of the company's stock.

Wall Street Analysts Forecast Growth

SBAC has been the topic of several research reports. BMO Capital Markets lifted their price target on shares of SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 29th. Wall Street Zen cut shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. UBS Group raised their target price on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Raymond James Financial restated a "strong-buy" rating and issued a $268.00 target price (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Finally, JMP Securities lifted their price target on shares of SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a report on Tuesday, April 29th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $255.31.

Get Our Latest Stock Analysis on SBA Communications

Insider Activity

In other news, Director Jack Langer sold 5,000 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the sale, the director owned 10,522 shares of the company's stock, valued at approximately $2,531,487.98. This trade represents a 32.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.92% of the company's stock.

SBA Communications Price Performance

NASDAQ SBAC traded down $1.39 during mid-day trading on Thursday, hitting $232.50. The stock had a trading volume of 132,083 shares, compared to its average volume of 870,593. The firm's 50 day moving average is $231.11 and its 200 day moving average is $219.90. SBA Communications Corporation has a twelve month low of $192.55 and a twelve month high of $252.64. The stock has a market capitalization of $24.98 billion, a price-to-earnings ratio of 31.89, a PEG ratio of 1.90 and a beta of 0.78.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd were paid a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 1.91%. The ex-dividend date was Thursday, May 22nd. SBA Communications's payout ratio is presently 60.91%.

SBA Communications Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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