SBA Communications Co. (NASDAQ:SBAC) Shares Bought by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC boosted its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 158.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,277 shares of the technology company's stock after acquiring an additional 3,238 shares during the quarter. Pallas Capital Advisors LLC's holdings in SBA Communications were worth $1,161,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. NewEdge Advisors LLC lifted its holdings in shares of SBA Communications by 23.9% during the fourth quarter. NewEdge Advisors LLC now owns 1,276 shares of the technology company's stock worth $260,000 after purchasing an additional 246 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of SBA Communications by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company's stock worth $266,675,000 after acquiring an additional 38,725 shares during the period. GAMMA Investing LLC raised its holdings in SBA Communications by 30,393.6% during the first quarter. GAMMA Investing LLC now owns 370,497 shares of the technology company's stock worth $81,513,000 after purchasing an additional 369,282 shares in the last quarter. NEOS Investment Management LLC lifted its position in SBA Communications by 29.3% in the fourth quarter. NEOS Investment Management LLC now owns 5,488 shares of the technology company's stock valued at $1,118,000 after purchasing an additional 1,243 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in SBA Communications by 46.5% in the 4th quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company's stock valued at $363,015,000 after purchasing an additional 565,137 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on SBAC. Deutsche Bank Aktiengesellschaft cut shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target on the stock. in a research note on Tuesday, May 20th. JMP Securities lifted their target price on shares of SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a research report on Tuesday, April 29th. Citigroup upped their price target on shares of SBA Communications from $250.00 to $265.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Royal Bank of Canada reissued an "outperform" rating and set a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. Finally, Morgan Stanley assumed coverage on SBA Communications in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 target price on the stock. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock 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 business's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.92% of the company's stock.

SBA Communications Stock Performance

SBA Communications stock traded down $0.24 during trading on Friday, reaching $227.83. The company had a trading volume of 592,607 shares, compared to its average volume of 885,841. The firm has a market capitalization 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 Co. has a 12-month low of $187.06 and a 12-month high of $252.64. The stock's 50 day moving average price is $228.82 and its two-hundred day moving average price is $216.93.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be issued a dividend of $1.11 per share. The ex-dividend date is Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a dividend 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.