Proficio Capital Partners LLC Lowers Position in SBA Communications Corporation (NASDAQ:SBAC)

Proficio Capital Partners LLC decreased its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 83.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,284 shares of the technology company's stock after selling 52,894 shares during the quarter. Proficio Capital Partners LLC's holdings in SBA Communications were worth $2,263,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Dodge & Cox lifted its position in shares of SBA Communications by 352.5% in the fourth 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. Norges Bank bought a new stake in SBA Communications during the fourth quarter worth approximately $268,287,000. BROOKFIELD Corp ON increased its stake in SBA Communications by 27,449.9% during the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock worth $202,016,000 after acquiring an additional 987,647 shares during the last quarter. Voyager Global Management LP bought a new position in shares of SBA Communications during the fourth quarter valued at approximately $95,786,000. Finally, Cohen & Steers Inc. grew its stake in shares of SBA Communications by 29.8% during the fourth 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 last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on SBAC shares. UBS Group upped their target price on SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Morgan Stanley initiated coverage on shares of SBA Communications in a report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 price target for the company. JMP Securities lifted their target price on shares of SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a report on Tuesday, April 29th. Scotiabank initiated coverage on shares of SBA Communications in a research note on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft cut 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 report on Tuesday, May 20th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $255.31.

SBA Communications Trading Up 1.9%

SBAC stock traded up $4.56 during mid-day trading on Tuesday, hitting $238.93. 171,610 shares of the company were exchanged, compared to its average volume of 866,886. The firm has a fifty day simple moving average of $230.92 and a 200 day simple moving average of $220.57. SBA Communications Corporation has a twelve month low of $192.55 and a twelve month high of $252.64. The company has a market capitalization of $25.67 billion, a PE ratio of 32.76, a price-to-earnings-growth ratio of 1.93 and a beta of 0.78.

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 given a dividend of $1.11 per share. The ex-dividend date was Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.86%. SBA Communications's dividend payout ratio (DPR) is 60.91%.

Insider Activity at SBA Communications

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 shares were sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the sale, the director directly owned 10,522 shares in the company, valued at approximately $2,531,487.98. The trade was a 32.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.92% of the company's stock.

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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