Fifth Third Bancorp Reduces Position in SBA Communications Co. (NASDAQ:SBAC)

Fifth Third Bancorp trimmed its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 4.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,481 shares of the technology company's stock after selling 1,426 shares during the period. Fifth Third Bancorp's holdings in SBA Communications were worth $6,486,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SBAC. Van ECK Associates Corp increased its holdings in SBA Communications by 3.9% in the fourth quarter. Van ECK Associates Corp now owns 26,649 shares of the technology company's stock valued at $5,431,000 after purchasing an additional 1,005 shares during the period. Avestar Capital LLC bought a new stake in SBA Communications during the fourth quarter valued at $223,000. V Square Quantitative Management LLC boosted its position in SBA Communications by 3.7% during the fourth quarter. V Square Quantitative Management LLC now owns 3,139 shares of the technology company's stock valued at $640,000 after acquiring an additional 111 shares during the last quarter. New York State Teachers Retirement System boosted its position in SBA Communications by 9.9% during the fourth quarter. New York State Teachers Retirement System now owns 111,643 shares of the technology company's stock valued at $22,753,000 after acquiring an additional 10,042 shares during the last quarter. Finally, Americana Partners LLC boosted its position in SBA Communications by 20.1% during the fourth quarter. Americana Partners LLC now owns 1,700 shares of the technology company's stock valued at $346,000 after acquiring an additional 284 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Trading Down 0.1%

NASDAQ SBAC traded down $0.24 during trading hours on Friday, hitting $227.83. 592,607 shares of the company's stock traded hands, compared to its average volume of 885,841. The business's fifty day moving average price is $228.82 and its two-hundred day moving average price is $216.85. The firm has a market capitalization of $24.48 billion, a P/E ratio of 35.94, a P/E/G ratio of 0.74 and a beta of 0.78. SBA Communications Co. has a 52 week low of $187.06 and a 52 week high of $252.64.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be issued a dividend of $1.11 per share. The ex-dividend date is Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a yield of 1.95%. SBA Communications's payout ratio is 60.91%.

Insider Activity at SBA Communications

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the transaction, the director now owns 10,522 shares of the company's stock, valued at approximately $2,531,487.98. This trade represents a 32.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.92% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SBAC. Deutsche Bank Aktiengesellschaft cut shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target on the stock. in a research report on Tuesday, May 20th. Wells Fargo & Company upped their target price 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. BMO Capital Markets increased their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research note on Tuesday, April 29th. 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 price objective for the company. Finally, Morgan Stanley began coverage on shares of SBA Communications in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 price objective for the company. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $253.43.

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.