Fifth Third Bancorp Sells 1,426 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Fifth Third Bancorp trimmed its holdings in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 4.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and 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 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of SBAC. Simon Quick Advisors LLC acquired a new stake in shares of SBA Communications during the first quarter worth $343,000. CX Institutional bought a new position in SBA Communications during the 1st quarter worth about $219,000. Assenagon Asset Management S.A. raised its stake in shares of SBA Communications by 2.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 4,615 shares of the technology company's stock valued at $1,015,000 after purchasing an additional 110 shares during the period. Handelsbanken Fonder AB lifted its holdings in shares of SBA Communications by 0.8% in the first quarter. Handelsbanken Fonder AB now owns 66,960 shares of the technology company's stock valued at $14,732,000 after purchasing an additional 527 shares in the last quarter. Finally, Curated Wealth Partners LLC bought a new stake in shares of SBA Communications in the first quarter valued at about $1,005,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Down 0.7%

Shares of NASDAQ SBAC traded down $1.60 during midday trading on Tuesday, hitting $228.52. 821,700 shares of the company's stock were exchanged, compared to its average volume of 887,696. SBA Communications Corporation has a 12 month low of $187.06 and a 12 month high of $252.64. The company's 50 day moving average price is $229.58 and its 200 day moving average price is $216.87. The firm 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd will be given 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 1.94%. SBA Communications's dividend payout ratio (DPR) is 60.91%.

Wall Street Analyst Weigh In

SBAC has been the subject of a number of research reports. Raymond James Financial reiterated a "strong-buy" rating and set a $268.00 price objective (up from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Deutsche Bank Aktiengesellschaft downgraded 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. BMO Capital Markets lifted their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a report on Tuesday, April 29th. Wells Fargo & Company boosted their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 26th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $255.00 target price on shares of SBA Communications in a research report on Monday, February 24th. Seven equities 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $253.43.

Insider Buying and Selling at SBA Communications

In other news, Director Jack Langer sold 5,000 shares of the stock in a transaction that occurred 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 now owns 10,522 shares in the company, valued at approximately $2,531,487.98. This trade represents a 32.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.92% of the company's stock.

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.