Perpetual Ltd Raises Holdings in SBA Communications Corporation (NASDAQ:SBAC)

Perpetual Ltd raised its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 37.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 177,560 shares of the technology company's stock after buying an additional 48,706 shares during the quarter. Perpetual Ltd owned about 0.16% of SBA Communications worth $39,065,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Independence Bank of Kentucky bought a new stake in shares of SBA Communications in the first quarter valued at $28,000. Graney & King LLC bought a new stake in shares of SBA Communications during the 4th quarter valued at $29,000. NBC Securities Inc. raised 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 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 1st 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 4th 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. 97.35% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SBAC has been the topic of a number of analyst reports. Citigroup boosted their price objective on SBA Communications from $250.00 to $265.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Wall Street Zen lowered SBA Communications from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. JMP Securities boosted their price objective 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. Barclays boosted their price objective on SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a research note on Tuesday, April 29th. Finally, Morgan Stanley initiated coverage on SBA Communications in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 target price for the company. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, SBA Communications has an average rating of "Moderate Buy" and a consensus target price of $253.43.

Insider Activity

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 transaction of $1,202,950.00. Following the completion of the sale, the director directly owned 10,522 shares in the company, valued at $2,531,487.98. This represents a 32.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.92% of the company's stock.

SBA Communications Trading Up 1.8%

Shares of SBAC traded up $4.04 during midday trading on Monday, reaching $234.84. The stock had a trading volume of 621,431 shares, compared to its average volume of 882,385. The company's 50-day moving average is $231.25 and its 200 day moving average is $217.62. SBA Communications Corporation has a 12-month low of $187.06 and a 12-month high of $252.64. The company has a market capitalization of $25.23 billion, a price-to-earnings ratio of 32.21, a price-to-earnings-growth ratio of 1.91 and a beta of 0.78.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd were issued a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Thursday, May 22nd. SBA Communications's payout ratio is currently 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.