Envestnet Asset Management Inc. Lowers Stock Holdings in SBA Communications Corporation (NASDAQ:SBAC)

Envestnet Asset Management Inc. lowered its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 10.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 189,866 shares of the technology company's stock after selling 22,927 shares during the quarter. Envestnet Asset Management Inc. owned about 0.18% of SBA Communications worth $41,772,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Dodge & Cox grew its holdings in shares of SBA Communications by 352.5% during the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock worth $1,497,167,000 after buying an additional 5,722,740 shares during the last quarter. Geode Capital Management LLC boosted its holdings in SBA Communications by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock valued at $586,827,000 after purchasing an additional 71,023 shares in the last quarter. Deutsche Bank AG boosted its holdings in SBA Communications by 5.9% in the 4th quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock valued at $491,549,000 after purchasing an additional 134,624 shares in the last quarter. Cohen & Steers Inc. boosted its holdings in SBA Communications by 29.8% in the 4th 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 in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in SBA Communications by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,493,020 shares of the technology company's stock valued at $304,277,000 after purchasing an additional 7,078 shares in the last quarter. Hedge funds and other 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 stock in a transaction 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 transaction, the director 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 SEC, which is available through this link. 0.92% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SBAC shares. Citigroup lifted their price objective on SBA Communications from $250.00 to $265.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Bank of America initiated 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. Deutsche Bank Aktiengesellschaft downgraded shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target for the company. in a research report on Tuesday, May 20th. Finally, Barclays boosted their price target on SBA Communications from $244.00 to $247.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 29th. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and an average target price of $255.53.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $228.80 on Friday. SBA Communications Corporation has a 1 year low of $192.55 and a 1 year high of $252.64. The company has a market capitalization of $24.58 billion, a P/E ratio of 31.39, a P/E/G ratio of 1.89 and a beta of 0.78. The business has a 50 day moving average price of $231.69 and a 200 day moving average price of $219.42.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Investors 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 1.94%. SBA Communications's dividend payout ratio is currently 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.

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