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

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.

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

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.