SBA Communications Corporation (NASDAQ:SBAC) Position Raised by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. grew its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 7.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,996,773 shares of the technology company's stock after buying an additional 135,682 shares during the quarter. SBA Communications accounts for 2.0% of Diamond Hill Capital Management Inc.'s holdings, making the stock its 16th largest holding. Diamond Hill Capital Management Inc. owned approximately 1.86% of SBA Communications worth $439,310,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SBAC. Dodge & Cox grew its stake in SBA Communications by 352.5% during the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock worth $1,497,167,000 after purchasing an additional 5,722,740 shares in the last quarter. Norges Bank acquired a new position in SBA Communications during the 4th quarter worth $268,287,000. BROOKFIELD Corp ON grew its stake in SBA Communications by 27,449.9% during the 4th quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock worth $202,016,000 after purchasing an additional 987,647 shares in the last quarter. Voyager Global Management LP purchased a new stake in SBA Communications during the 4th quarter worth about $95,786,000. Finally, Cohen & Steers Inc. lifted its holdings in SBA Communications by 29.8% during the 4th quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock worth $383,762,000 after buying an additional 432,644 shares during the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Jack Langer sold 5,000 shares of the business's stock in a transaction that occurred on 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 $2,531,487.98. The trade was a 32.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.92% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. JMP Securities boosted their target price on SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a report on Tuesday, April 29th. Deutsche Bank Aktiengesellschaft cut SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target on the stock. in a report on Tuesday, May 20th. Morgan Stanley increased their target price on SBA Communications from $255.00 to $260.00 and gave the company an "equal weight" rating in a report on Tuesday. Raymond James Financial restated a "strong-buy" rating and set a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Finally, BMO Capital Markets lifted their target price on SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a report on Tuesday, April 29th. Eight 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $257.19.

SBA Communications Stock Down 0.5%

SBAC stock traded down $1.20 during midday trading on Friday, reaching $233.92. The company had a trading volume of 500,387 shares, compared to its average volume of 652,192. The stock has a 50 day moving average price of $231.71 and a 200 day moving average price of $221.55. SBA Communications Corporation has a fifty-two week low of $192.55 and a fifty-two week high of $252.64. The firm has a market capitalization of $25.13 billion, a PE ratio of 32.09, a P/E/G ratio of 1.95 and a beta of 0.78.

SBA Communications Announces Dividend

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

About SBA Communications

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.