Kentucky Retirement Systems Insurance Trust Fund Buys New Stake in SBA Communications Corporation (NASDAQ:SBAC)

Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,120 shares of the technology company's stock, valued at approximately $686,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Independence Bank of Kentucky bought a new position in SBA Communications during the 1st quarter valued at about $28,000. Graney & King LLC bought a new position in shares of SBA Communications in the 4th quarter worth approximately $29,000. NBC Securities Inc. lifted its stake in shares of SBA Communications by 1,575.0% in the 1st quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after purchasing an additional 189 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of SBA Communications by 22.0% in the 1st quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after purchasing an additional 45 shares during the period. Finally, State of Wyoming lifted its stake in shares of SBA Communications by 75.8% in the 4th quarter. State of Wyoming now owns 276 shares of the technology company's stock worth $56,000 after purchasing an additional 119 shares during the period. Institutional investors own 97.35% of the company's stock.

Insider Buying and Selling at SBA Communications

In related news, Director Jack Langer sold 5,000 shares of the firm's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $240.59, for a total value of $1,202,950.00. Following the completion of the transaction, the director now directly 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.92% of the company's stock.

SBA Communications Trading Up 0.0%

NASDAQ SBAC traded up $0.10 on Friday, reaching $230.80. 780,089 shares of the stock were exchanged, compared to its average volume of 883,433. SBA Communications Corporation has a one year low of $187.06 and a one year high of $252.64. The company's 50-day simple moving average is $231.06 and its two-hundred day simple moving average is $217.46. The firm has a market capitalization of $24.80 billion, a PE ratio of 31.66, a PEG ratio of 1.91 and a beta of 0.78.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd were issued a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend was Thursday, May 22nd. SBA Communications's dividend payout ratio (DPR) is currently 60.91%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SBAC. Bank of America began 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 on the stock. Raymond James Financial reiterated a "strong-buy" rating and issued a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. JMP Securities increased their price objective on shares of SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a research note on Tuesday, April 29th. Wall Street Zen cut shares of SBA Communications from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Finally, Barclays increased their price objective on shares of SBA Communications from $244.00 to $247.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 29th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.