Ninepoint Partners LP Grows Position in SBA Communications Corporation (NASDAQ:SBAC)

Ninepoint Partners LP lifted its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 30.4% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,489 shares of the technology company's stock after buying an additional 1,981 shares during the period. Ninepoint Partners LP's holdings in SBA Communications were worth $1,868,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SBAC. Farther Finance Advisors LLC lifted its holdings in shares of SBA Communications by 22.0% in the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after buying an additional 45 shares in the last quarter. Central Pacific Bank Trust Division boosted its holdings in shares of SBA Communications by 2.3% in the 1st quarter. Central Pacific Bank Trust Division now owns 2,250 shares of the technology company's stock worth $495,000 after purchasing an additional 50 shares in the last quarter. DoubleLine ETF Adviser LP raised its stake in shares of SBA Communications by 0.7% during the fourth quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company's stock worth $1,577,000 after acquiring an additional 57 shares in the last quarter. Oakworth Capital Inc. boosted its holdings in SBA Communications by 25.8% during the 1st quarter. Oakworth Capital Inc. now owns 293 shares of the technology company's stock valued at $64,000 after acquiring an additional 60 shares during the period. Finally, Clear Creek Financial Management LLC lifted its position in SBA Communications by 6.0% in the first quarter. Clear Creek Financial Management LLC now owns 1,100 shares of the technology company's stock valued at $242,000 after purchasing an additional 62 shares during the last quarter. Institutional investors own 97.35% of the company's stock.

SBA Communications Price Performance

Shares of NASDAQ:SBAC traded down $1.20 during midday trading on Friday, hitting $233.92. The company had a trading volume of 500,387 shares, compared to its average volume of 652,192. SBA Communications Corporation has a 12-month low of $192.55 and a 12-month high of $252.64. The company has a fifty day moving average of $231.71 and a two-hundred day moving average of $221.70. The company has a market cap of $25.14 billion, a price-to-earnings ratio of 32.09, a PEG ratio of 1.94 and a beta of 0.78.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd were paid a dividend of $1.11 per share. The ex-dividend date was Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.90%. SBA Communications's dividend payout ratio (DPR) is presently 60.91%.

Analyst Ratings Changes

A number of analysts have recently weighed in on SBAC shares. Morgan Stanley increased their target price on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. UBS Group boosted their price objective on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Barclays lifted their target price on shares of SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a report on Wednesday. Scotiabank initiated coverage on SBA Communications in a research report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 price objective for the company. Finally, Wall Street Zen cut shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Eight research 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 company's stock. Based on data from MarketBeat.com, SBA Communications currently has a consensus rating of "Moderate Buy" and a consensus price target of $257.19.

Insider Activity

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

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.