Harbor Capital Advisors Inc. Sells 2,373 Shares of SBA Communications Co. (NASDAQ:SBAC)

Harbor Capital Advisors Inc. cut its holdings in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 83.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 483 shares of the technology company's stock after selling 2,373 shares during the period. Harbor Capital Advisors Inc.'s holdings in SBA Communications were worth $106,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SBAC. Pallas Capital Advisors LLC grew its holdings in SBA Communications by 158.8% during the 1st quarter. Pallas Capital Advisors LLC now owns 5,277 shares of the technology company's stock valued at $1,161,000 after purchasing an additional 3,238 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in SBA Communications by 22.0% during the 1st quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock valued at $55,000 after purchasing an additional 45 shares during the last quarter. Washington Capital Management Inc. grew its holdings in SBA Communications by 14.8% during the 1st quarter. Washington Capital Management Inc. now owns 5,750 shares of the technology company's stock valued at $1,265,000 after purchasing an additional 740 shares during the last quarter. UMB Bank n.a. grew its holdings in SBA Communications by 95.3% during the 1st quarter. UMB Bank n.a. now owns 373 shares of the technology company's stock valued at $82,000 after purchasing an additional 182 shares during the last quarter. Finally, Gateway Investment Advisers LLC grew its holdings in SBA Communications by 15.7% during the 1st quarter. Gateway Investment Advisers LLC now owns 88,232 shares of the technology company's stock valued at $19,412,000 after purchasing an additional 11,988 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

Insider Transactions at SBA Communications

In related news, Director Jack Langer sold 5,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the director now owns 10,522 shares of the company's stock, valued at $2,531,487.98. This represents a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.92% of the company's stock.

SBA Communications Stock Performance

Shares of SBAC opened at $227.83 on Monday. The company has a 50 day moving average price of $228.82 and a 200-day moving average price of $216.76. SBA Communications Co. has a fifty-two week low of $187.06 and a fifty-two week high of $252.64. The stock has a market capitalization of $24.48 billion, a PE ratio of 35.94, a PEG ratio of 0.74 and a beta of 0.78.

SBA Communications Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.44 annualized dividend and a dividend yield of 1.95%. SBA Communications's payout ratio is presently 60.91%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Wells Fargo & Company upped their price target on shares of SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a report on Wednesday, February 26th. Bank of America assumed coverage on shares of SBA Communications in a report on Monday, May 19th. They set a "buy" rating and a $260.00 price target on the stock. Wall Street Zen downgraded shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Morgan Stanley initiated coverage on shares of SBA Communications in a report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 price target on the stock. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $255.00 target price on shares of SBA Communications in a research note on Monday, February 24th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and an average price target 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.

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