Cerity Partners LLC Increases Holdings in SBA Communications Corporation (NASDAQ:SBAC)

Cerity Partners LLC increased its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 3.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 33,193 shares of the technology company's stock after buying an additional 1,189 shares during the quarter. Cerity Partners LLC's holdings in SBA Communications were worth $7,303,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Dodge & Cox raised its position in 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 purchasing an additional 5,722,740 shares during the period. Norges Bank purchased a new stake in SBA Communications in the fourth quarter valued at $268,287,000. BROOKFIELD Corp ON raised its position in SBA Communications by 27,449.9% in the fourth 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. Voyager Global Management LP purchased a new stake in SBA Communications in the fourth quarter valued at $95,786,000. Finally, Cohen & Steers Inc. raised its position in SBA Communications by 29.8% in the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock valued at $383,762,000 after purchasing an additional 432,644 shares during the period. Hedge funds and other institutional investors own 97.35% of the company's stock.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $230.03 on Wednesday. The stock has a 50-day simple moving average of $231.24 and a 200-day simple moving average of $219.81. The stock has a market cap of $24.72 billion, a P/E ratio of 31.55, a P/E/G ratio of 1.91 and a beta of 0.78. SBA Communications Corporation has a 1 year low of $192.55 and a 1 year high of $252.64.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd were given a $1.11 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.93%. SBA Communications's dividend payout ratio (DPR) is presently 60.91%.

Analysts Set New Price Targets

A number of equities research analysts have commented on SBAC shares. Deutsche Bank Aktiengesellschaft downgraded SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price on the stock. in a research report on Tuesday, May 20th. UBS Group lifted their target price on SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a research 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 research report on Tuesday, April 29th. BMO Capital Markets boosted their price objective on SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a report on Tuesday, April 29th. Finally, Bank of America started coverage on SBA Communications in a report on Monday, May 19th. They issued a "buy" rating and a $260.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating, eight have given 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 price target of $255.53.

Insider Activity

In related news, Director Jack Langer sold 5,000 shares of the company's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $240.59, for a total value of $1,202,950.00. Following the completion of the sale, the director directly owned 10,522 shares of the company's stock, valued at $2,531,487.98. This represents a 32.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.92% of the stock is currently owned by company insiders.

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.

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