MQS Management LLC Invests $902,000 in SBA Communications Corporation (NASDAQ:SBAC)

MQS Management LLC purchased a new position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 4,102 shares of the technology company's stock, valued at approximately $902,000. SBA Communications comprises approximately 0.5% of MQS Management LLC's holdings, making the stock its 19th biggest position.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Independence Bank of Kentucky purchased a new stake in SBA Communications in the 1st quarter valued at approximately $28,000. Graney & King LLC purchased a new stake in shares of SBA Communications during the 4th quarter worth approximately $29,000. Allworth Financial LP boosted its stake in shares of SBA Communications by 62.0% during the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after acquiring an additional 62 shares in the last quarter. NBC Securities Inc. boosted its stake in shares of SBA Communications by 1,575.0% during the 1st quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after acquiring an additional 189 shares in the last quarter. Finally, Wayfinding Financial LLC purchased a new stake in shares of SBA Communications during the 1st quarter worth approximately $51,000. Hedge funds and other institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SBAC. JMP Securities upped their target price on SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a research note on Tuesday, April 29th. Raymond James Financial reissued a "strong-buy" rating and issued a $268.00 price target (up from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. BMO Capital Markets boosted their price target on SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a report on Tuesday, April 29th. Bank of America began coverage on SBA Communications in a report on Monday, May 19th. They issued a "buy" rating and a $260.00 price target for the company. Finally, Morgan Stanley began coverage on SBA Communications in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 price target for the company. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, SBA Communications has an average rating of "Moderate Buy" and an average price target of $255.53.

Insider Buying and Selling

In related news, Director Jack Langer sold 5,000 shares of the stock in a transaction dated 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 owned 10,522 shares of the company's stock, valued at approximately $2,531,487.98. This represents a 32.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.92% of the company's stock.

SBA Communications Trading Up 1.0%

NASDAQ:SBAC traded up $2.36 on Monday, hitting $231.16. 111,692 shares of the stock were exchanged, compared to its average volume of 872,152. The stock has a market cap of $24.84 billion, a PE ratio of 31.70, a PEG ratio of 1.89 and a beta of 0.78. The stock has a fifty day moving average of $231.69 and a 200-day moving average of $219.53. SBA Communications Corporation has a fifty-two week low of $192.55 and a fifty-two week high of $252.64.

SBA Communications Dividend Announcement

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

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.