Perpetual Ltd Purchases 48,706 Shares of SBA Communications Corporation (NASDAQ:SBAC)

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

Other institutional investors have also recently made changes to their positions in the company. Dodge & Cox raised its holdings in shares of SBA Communications by 352.5% in 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 increased its position in shares of SBA Communications by 2.5% in 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 last quarter. Deutsche Bank AG raised its stake in SBA Communications by 5.9% in 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. raised its stake in SBA Communications by 29.8% in the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock valued at $383,762,000 after purchasing an additional 432,644 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. lifted its position in SBA Communications by 8.3% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company's stock valued at $379,290,000 after purchasing an additional 142,054 shares during the last quarter. Institutional investors own 97.35% of the company's stock.

SBA Communications Stock Performance

Shares of SBAC stock opened at $230.70 on Friday. The company has a market capitalization of $24.79 billion, a P/E ratio of 31.65, a PEG ratio of 1.92 and a beta of 0.78. SBA Communications Corporation has a fifty-two week low of $187.06 and a fifty-two week high of $252.64. The stock has a 50 day moving average price of $231.03 and a two-hundred day moving average price of $217.36.

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 was Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.92%. SBA Communications's dividend payout ratio is currently 60.91%.

Insider Activity

In other news, Director Jack Langer sold 5,000 shares of SBA Communications stock in a transaction dated 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 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.92% of the company's stock.

Wall Street Analysts Forecast Growth

SBAC has been the topic of a number of research analyst reports. Citigroup increased their price target on shares of SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Morgan Stanley initiated 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. Raymond James Financial restated a "strong-buy" rating and set a $268.00 price target (up previously from $265.00) on shares of SBA Communications in a research report on Tuesday, April 29th. JMP Securities upped their price objective on SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a report on Tuesday, April 29th. Finally, Barclays increased their price objective on SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a research report on Tuesday, April 29th. Seven investment 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 data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $253.43.

SBA Communications 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.

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