Envestnet Asset Management Inc. Has $41.77 Million Holdings in SBA Communications Corporation (NASDAQ:SBAC)

Envestnet Asset Management Inc. cut its position 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 institutional investor owned 189,866 shares of the technology company's stock after selling 22,927 shares during the quarter. Envestnet Asset Management Inc. owned 0.18% of SBA Communications worth $41,772,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Independence Bank of Kentucky acquired a new stake in shares of SBA Communications during the 1st quarter worth approximately $28,000. Graney & King LLC acquired a new stake in SBA Communications during the fourth quarter worth $29,000. NBC Securities Inc. increased its holdings in SBA Communications by 1,575.0% in 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 during the period. Wayfinding Financial LLC acquired a new position in shares of SBA Communications in the 1st quarter valued at $51,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of SBA Communications by 22.0% during the 1st quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after acquiring an additional 45 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SBAC has been the topic of a number of analyst reports. Wall Street Zen cut shares of SBA Communications from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. JMP Securities raised their price objective on shares of SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a report on Tuesday, April 29th. Morgan Stanley initiated coverage on SBA Communications in a report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 price target for the company. Bank of America assumed coverage on SBA Communications in a research note on Monday, May 19th. They issued a "buy" rating and a $260.00 price objective on the stock. Finally, Citigroup increased their target price on SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Seven investment 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 company's stock. Based on data from MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

SBA Communications Trading Up 1.7%

Shares of SBAC traded up $3.86 on Wednesday, reaching $233.89. 1,058,355 shares of the company's stock were exchanged, compared to its average volume of 868,395. SBA Communications Corporation has a 12 month low of $192.55 and a 12 month high of $252.64. The stock has a market capitalization of $25.13 billion, a P/E ratio of 32.08, a price-to-earnings-growth ratio of 1.91 and a beta of 0.78. The business has a 50 day moving average price of $231.24 and a two-hundred day moving average price of $219.81.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders 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 annualized dividend and a dividend yield of 1.90%. SBA Communications's dividend payout ratio is currently 60.91%.

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 owned 10,522 shares in the company, valued at approximately $2,531,487.98. This represents a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.92% of the stock is owned by corporate 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.