Legacy Trust Has $2.66 Million Holdings in SBA Communications Co. (NASDAQ:SBAC)

Legacy Trust grew its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 11.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,074 shares of the technology company's stock after purchasing an additional 1,245 shares during the quarter. Legacy Trust's holdings in SBA Communications were worth $2,656,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Independence Bank of Kentucky bought a new position in SBA Communications in the 1st quarter worth approximately $28,000. Graney & King LLC purchased a new position in shares of SBA Communications in the fourth quarter worth $29,000. NBC Securities Inc. boosted its position in shares of SBA Communications by 1,575.0% during the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after acquiring an additional 189 shares during the last quarter. Farther Finance Advisors LLC grew its stake in SBA Communications by 22.0% during the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock valued at $55,000 after acquiring an additional 45 shares in the last quarter. Finally, State of Wyoming grew its stake in SBA Communications by 75.8% during the fourth quarter. State of Wyoming now owns 276 shares of the technology company's stock valued at $56,000 after acquiring an additional 119 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Down 0.1%

NASDAQ SBAC traded down $0.24 during trading on Friday, hitting $227.83. The stock had a trading volume of 592,607 shares, compared to its average volume of 884,683. The company 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. The firm has a 50 day moving average price of $228.44 and a 200 day moving average price of $216.92. SBA Communications Co. has a twelve month low of $187.06 and a twelve month high of $252.64.

SBA Communications Dividend Announcement

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

Insider Activity

In related news, Director Jack Langer sold 5,000 shares of the stock in a transaction on 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 transaction, the director now owns 10,522 shares in the company, valued at $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 can be accessed through the SEC website. Insiders own 0.92% of the company's stock.

Analyst Ratings Changes

SBAC has been the topic of several recent research reports. Citigroup upped their price objective on SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Bank of America assumed coverage on shares of SBA Communications in a research note on Monday, May 19th. They set a "buy" rating and a $260.00 price target on the stock. Royal Bank of Canada reiterated an "outperform" rating and set a $255.00 price objective on shares of SBA Communications in a research report on Monday, February 24th. Wall Street Zen downgraded shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Finally, Raymond James reaffirmed a "strong-buy" rating and issued a $268.00 price target (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $253.43.

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.