SBA Communications Co. (NASDAQ:SBAC) Shares Acquired by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC grew its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 62.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,806 shares of the technology company's stock after buying an additional 5,702 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in SBA Communications were worth $3,257,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in SBAC. Independence Bank of Kentucky acquired a new position in SBA Communications during the 1st quarter valued at about $28,000. Graney & King LLC acquired a new position in SBA Communications during the 4th quarter valued at about $29,000. NBC Securities Inc. increased its position in SBA Communications by 1,575.0% during the 1st quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after buying an additional 189 shares in the last quarter. Farther Finance Advisors LLC increased its position in SBA Communications by 22.0% during the 1st quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock valued at $55,000 after buying an additional 45 shares in the last quarter. Finally, State of Wyoming increased its position in SBA Communications by 75.8% during the 4th quarter. State of Wyoming now owns 276 shares of the technology company's stock valued at $56,000 after buying an additional 119 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at SBA Communications

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 now directly owns 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. Insiders own 0.92% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Barclays upped their target price on SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a research report on Tuesday, April 29th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $255.00 target price on shares of SBA Communications in a report on Monday, February 24th. Morgan Stanley started coverage on SBA Communications in a report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 target price on the stock. Wells Fargo & Company raised their target price on SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. Finally, Bank of America started coverage on SBA Communications in a report on Monday, May 19th. They set a "buy" rating and a $260.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, SBA Communications has a consensus rating of "Moderate Buy" and an average price target of $253.43.

SBA Communications Price Performance

Shares of SBAC traded down $0.24 during mid-day trading on Friday, reaching $227.83. The company's stock had a trading volume of 592,607 shares, compared to its average volume of 885,841. SBA Communications Co. has a 12-month low of $187.06 and a 12-month high of $252.64. The stock has a market cap of $24.48 billion, a PE ratio of 35.94, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78. The company's 50 day moving average is $228.82 and its 200 day moving average is $216.85.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be given a $1.11 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.95%. SBA Communications's dividend payout ratio (DPR) is presently 60.91%.

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.