NorthCrest Asset Manangement LLC Purchases Shares of 1,491 SBA Communications Corporation (NASDAQ:SBAC)

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

Several other large investors have also recently bought and sold shares of SBAC. Dodge & Cox grew its stake in SBA Communications by 352.5% during the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after acquiring an additional 5,722,740 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of SBA Communications by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock worth $586,827,000 after purchasing an additional 71,023 shares during the period. Deutsche Bank AG grew its position in SBA Communications by 5.9% during the fourth quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock valued at $491,549,000 after purchasing an additional 134,624 shares in the last quarter. Cohen & Steers Inc. increased its stake in SBA Communications by 29.8% in the 4th quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock valued at $383,762,000 after buying an additional 432,644 shares during the period. Finally, Diamond Hill Capital Management Inc. increased its stake in SBA Communications by 8.3% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company's stock valued at $379,290,000 after buying an additional 142,054 shares during the period. 97.35% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at SBA Communications

In related news, Director Jack Langer sold 5,000 shares of the stock in a transaction dated 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 sale, the director now 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.92% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SBAC. Bank of America initiated coverage on shares of SBA Communications in a research note on Monday, May 19th. They set a "buy" rating and a $260.00 target price for the company. Morgan Stanley started coverage on SBA Communications in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 price objective for the company. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $255.00 target price on shares of SBA Communications in a research report on Monday, February 24th. Wells Fargo & Company boosted their price target on SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 26th. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $253.43.

SBA Communications Stock Performance

Shares of SBA Communications stock traded down $0.20 on Thursday, reaching $228.32. The stock had a trading volume of 595,899 shares, compared to its average volume of 887,958. SBA Communications Corporation has a fifty-two week low of $187.06 and a fifty-two week high of $252.64. The business's 50-day moving average price is $229.91 and its two-hundred day moving average price is $216.95. The stock has a market cap of $24.53 billion, a P/E ratio of 31.32, a price-to-earnings-growth ratio of 1.89 and a beta of 0.78.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders 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 annualized dividend and a dividend yield of 1.94%. SBA Communications's dividend payout ratio is 60.91%.

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.