Bank of New York Mellon Corp Sells 19,765 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Bank of New York Mellon Corp cut its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 2.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 716,418 shares of the technology company's stock after selling 19,765 shares during the quarter. Bank of New York Mellon Corp owned about 0.67% of SBA Communications worth $157,619,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SBAC. Wayfinding Financial LLC bought a new position in SBA Communications during the first quarter worth $51,000. Impax Asset Management Group plc boosted its position in SBA Communications by 3.5% during the first quarter. Impax Asset Management Group plc now owns 3,478 shares of the technology company's stock worth $765,000 after purchasing an additional 119 shares during the period. IFM Investors Pty Ltd boosted its position in SBA Communications by 4.3% during the first quarter. IFM Investors Pty Ltd now owns 34,715 shares of the technology company's stock worth $8,356,000 after purchasing an additional 1,434 shares during the period. Checchi Capital Advisers LLC boosted its position in SBA Communications by 22.7% during the first quarter. Checchi Capital Advisers LLC now owns 1,799 shares of the technology company's stock worth $396,000 after purchasing an additional 333 shares during the period. Finally, Teacher Retirement System of Texas boosted its position in SBA Communications by 1,462.5% during the first quarter. Teacher Retirement System of Texas now owns 15,719 shares of the technology company's stock worth $3,458,000 after purchasing an additional 14,713 shares during the period. 97.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SBAC. Wall Street Zen cut shares of SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Raymond James Financial reissued a "strong-buy" rating and set a $268.00 target price (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. JMP Securities lifted their target price on SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a report on Tuesday, April 29th. Bank of America assumed coverage on SBA Communications in a report on Monday, May 19th. They set a "buy" rating and a $260.00 target price for the company. Finally, Citigroup lifted their target price on SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $253.43.

SBA Communications Trading Down 0.1%

Shares of NASDAQ SBAC opened at $233.59 on Tuesday. The company has a market cap of $25.10 billion, a price-to-earnings ratio of 32.04, a PEG ratio of 1.93 and a beta of 0.78. SBA Communications Corporation has a 12 month low of $190.91 and a 12 month high of $252.64. The stock has a 50-day moving average price of $232.38 and a two-hundred day moving average price of $218.71.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd were paid a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 1.90%. The ex-dividend date was Thursday, May 22nd. SBA Communications's payout ratio is 60.91%.

Insider Buying and Selling

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the business'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 completion of the transaction, the director owned 10,522 shares of the company's stock, valued at approximately $2,531,487.98. The trade was a 32.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.92% of the company's stock.

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.

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