Praxis Investment Management Inc. Takes Position in SBA Communications Corporation (NASDAQ:SBAC)

Praxis Investment Management Inc. bought a new stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,320 shares of the technology company's stock, valued at approximately $290,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Independence Bank of Kentucky acquired a new position in SBA Communications in the 1st quarter valued at about $28,000. Graney & King LLC acquired a new position in shares of SBA Communications during the 4th quarter valued at about $29,000. NBC Securities Inc. increased 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 acquiring an additional 189 shares during the last quarter. Farther Finance Advisors LLC increased 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 acquiring an additional 45 shares during the last quarter. Finally, State of Wyoming increased 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 acquiring an additional 119 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SBAC shares. BMO Capital Markets upped their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research note on Tuesday, April 29th. Bank of America started coverage on shares of SBA Communications in a research note on Monday, May 19th. They set a "buy" rating and a $260.00 price objective for the company. Barclays upped their price objective on shares of SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a research note on Tuesday, April 29th. Deutsche Bank Aktiengesellschaft downgraded shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective for the company. in a research note on Tuesday, May 20th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $268.00 target price (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 assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $253.43.

SBA Communications Price Performance

NASDAQ SBAC traded up $4.81 on Monday, reaching $234.12. The company had a trading volume of 573,869 shares, compared to its average volume of 887,065. The firm has a market capitalization of $25.16 billion, a PE ratio of 32.12, a P/E/G ratio of 1.90 and a beta of 0.78. SBA Communications Corporation has a 1 year low of $187.06 and a 1 year high of $252.64. The firm has a 50-day moving average of $230.43 and a 200-day moving average of $216.97.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd were issued a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Thursday, May 22nd. SBA Communications's dividend payout ratio is presently 60.91%.

Insiders Place Their Bets

In other news, Director Jack Langer sold 5,000 shares of the stock in a transaction that occurred on 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 transaction, the director now directly owns 10,522 shares in the company, valued at approximately $2,531,487.98. This represents a 32.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.92% of the stock is owned by company insiders.

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.