Moran Wealth Management LLC Has $15.52 Million Stock Position in SBA Communications Corporation (NASDAQ:SBAC)

Moran Wealth Management LLC increased its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 70,553 shares of the technology company's stock after purchasing an additional 3,299 shares during the quarter. Moran Wealth Management LLC owned approximately 0.07% of SBA Communications worth $15,522,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Asset Management One Co. Ltd. grew its stake in shares of SBA Communications by 9.6% in the 1st quarter. Asset Management One Co. Ltd. now owns 44,973 shares of the technology company's stock valued at $9,895,000 after purchasing an additional 3,923 shares during the period. Oppenheimer Asset Management Inc. grew its position in SBA Communications by 27.7% in the first quarter. Oppenheimer Asset Management Inc. now owns 1,985 shares of the technology company's stock valued at $437,000 after acquiring an additional 431 shares during the period. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in SBA Communications during the first quarter worth $686,000. Praxis Investment Management Inc. acquired a new position in SBA Communications during the first quarter worth $290,000. Finally, Vanderbilt University lifted its holdings in shares of SBA Communications by 76.1% during the first quarter. Vanderbilt University now owns 7,409 shares of the technology company's stock valued at $1,630,000 after acquiring an additional 3,201 shares during the period. 97.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft cut shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price for the company. in a research report on Tuesday, May 20th. Raymond James Financial reiterated a "strong-buy" rating and issued a $268.00 target price (up previously from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. Bank of America started coverage on SBA Communications in a research report on Monday, May 19th. They set a "buy" rating and a $260.00 price target on the stock. Barclays raised their price target on SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a report on Tuesday, April 29th. Finally, Wells Fargo & Company boosted their price objective on SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and a consensus price target of $253.43.

Insider Buying and Selling

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the 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 sale, the director now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.92% of the stock is owned by insiders.

SBA Communications Stock Performance

SBA Communications stock traded down $1.98 during trading hours on Thursday, reaching $230.70. 700,712 shares of the company's stock traded hands, compared to its average volume of 885,597. SBA Communications Corporation has a fifty-two week low of $187.06 and a fifty-two week high of $252.64. The firm's 50 day moving average is $230.99 and its 200-day moving average is $217.31. The firm has a market capitalization of $24.79 billion, a price-to-earnings ratio of 31.65, a PEG ratio of 1.96 and a beta of 0.78.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd were given a $1.11 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.92%. SBA Communications's dividend payout ratio is 60.91%.

About SBA Communications

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.