NorthCrest Asset Manangement LLC Takes $328,000 Position in SBA Communications Co. (NASDAQ:SBAC)

NorthCrest Asset Manangement LLC acquired a new stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,491 shares of the technology company's stock, valued at approximately $328,000.

A number of other hedge funds also recently made changes to their positions in SBAC. Independence Bank of Kentucky purchased a new stake in shares of SBA Communications during the first quarter valued at approximately $28,000. Graney & King LLC purchased a new stake in shares of SBA Communications during the fourth quarter valued at approximately $29,000. NBC Securities Inc. raised its stake 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 valued at $44,000 after purchasing an additional 189 shares during the period. Farther Finance Advisors LLC raised its stake in shares of 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 purchasing an additional 45 shares during the period. Finally, State of Wyoming raised its stake in shares of 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 purchasing an additional 119 shares during the period. Hedge funds and other institutional investors own 97.35% of the company's stock.

Insider Buying and Selling at SBA Communications

In other news, Director Jack Langer sold 5,000 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the completion of the transaction, the director now owns 10,522 shares of the company's stock, valued at approximately $2,531,487.98. The trade was a 32.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.92% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SBAC shares. Deutsche Bank Aktiengesellschaft lowered shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective on the stock. in a research note on Tuesday, May 20th. Citigroup lifted their price target on shares of SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Wells Fargo & Company lifted their price target on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 26th. BMO Capital Markets lifted their price target on shares of SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 29th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $255.00 price target on shares of SBA Communications in a research note on Monday, February 24th. Seven equities research 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $253.43.

SBA Communications Price Performance

SBAC stock opened at $227.83 on Monday. SBA Communications Co. has a 1-year low of $187.06 and a 1-year high of $252.64. The firm has a fifty day moving average price of $228.82 and a two-hundred day moving average price of $216.76. The firm has a market cap of $24.48 billion, a price-to-earnings ratio of 35.94, a PEG ratio of 0.74 and a beta of 0.78.

SBA Communications Announces Dividend

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

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