Elevation Point Wealth Partners LLC Buys 5,702 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Elevation Point Wealth Partners LLC raised its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 62.6% during the 1st quarter, according to its most recent Form 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 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Independence Bank of Kentucky bought a new stake in shares of SBA Communications in the 1st quarter valued at $28,000. Graney & King LLC acquired a new position in SBA Communications in the fourth quarter valued at about $29,000. NBC Securities Inc. increased its holdings in shares of SBA Communications by 1,575.0% in the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after acquiring an additional 189 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of SBA Communications by 22.0% during the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after purchasing an additional 45 shares during the period. Finally, State of Wyoming raised its position in shares of SBA Communications by 75.8% during the fourth quarter. State of Wyoming now owns 276 shares of the technology company's stock worth $56,000 after purchasing an additional 119 shares during the period. Institutional investors own 97.35% of the company's stock.

Insider Activity

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the company'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 value of $1,202,950.00. Following the sale, the director now owns 10,522 shares in the company, valued at $2,531,487.98. This represents a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.92% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SBAC shares. Raymond James Financial reiterated a "strong-buy" rating and issued a $268.00 price objective (up from $265.00) on shares of SBA Communications in a research report 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. JMP Securities increased their price objective on shares of SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a research report on Tuesday, April 29th. Wells Fargo & Company raised their price objective on shares of 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 initiated coverage on shares of SBA Communications in a research note on Monday, May 19th. They issued a "buy" rating and a $260.00 target price for the company. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, SBA Communications has an average rating of "Moderate Buy" and a consensus price target of $253.43.

SBA Communications Trading Down 0.7%

Shares of NASDAQ SBAC traded down $1.60 during mid-day trading on Tuesday, hitting $228.52. The company had a trading volume of 821,700 shares, compared to its average volume of 887,696. The firm has a 50-day simple moving average of $229.58 and a two-hundred day simple moving average of $216.87. The company has a market capitalization of $24.55 billion, a PE ratio of 31.35, a price-to-earnings-growth ratio of 1.90 and a beta of 0.78. SBA Communications Corporation has a one year low of $187.06 and a one year high of $252.64.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be given a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Thursday, May 22nd. 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.