Rhumbline Advisers Has $53.10 Million Stake in SBA Communications Co. (NASDAQ:SBAC)

Rhumbline Advisers grew its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 6.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 241,332 shares of the technology company's stock after acquiring an additional 13,662 shares during the period. Rhumbline Advisers owned 0.22% of SBA Communications worth $53,095,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Fifth Third Wealth Advisors LLC bought a new position in shares of SBA Communications in the 1st quarter valued at $220,000. Parallel Advisors LLC lifted its stake in shares of SBA Communications by 40.9% in the 1st quarter. Parallel Advisors LLC now owns 940 shares of the technology company's stock valued at $207,000 after acquiring an additional 273 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of SBA Communications by 30,393.6% in the 1st quarter. GAMMA Investing LLC now owns 370,497 shares of the technology company's stock valued at $81,513,000 after acquiring an additional 369,282 shares during the last quarter. Central Pacific Bank Trust Division lifted its stake in shares of SBA Communications by 2.3% in the 1st quarter. Central Pacific Bank Trust Division now owns 2,250 shares of the technology company's stock valued at $495,000 after acquiring an additional 50 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in shares of SBA Communications by 350.3% in the 1st quarter. Versant Capital Management Inc now owns 1,621 shares of the technology company's stock valued at $357,000 after acquiring an additional 1,261 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

Insider Activity at SBA Communications

In related 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 value of $1,202,950.00. Following the completion of the sale, the director now directly owns 10,522 shares of the company's stock, valued at $2,531,487.98. The trade was a 32.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Joshua Koenig sold 2,209 shares of the business's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the sale, the vice president now directly owns 6,079 shares of the company's stock, valued at $1,362,790.22. The trade was a 26.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.92% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Raymond James reiterated a "strong-buy" rating and issued a $268.00 price target (up from $265.00) on shares of SBA Communications 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 report on Friday, April 18th. BMO Capital Markets raised their target price on SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a research report on Tuesday, April 29th. Bank of America started coverage on SBA Communications in a research report on Monday, May 19th. They set a "buy" rating and a $260.00 target price for the company. Finally, Wells Fargo & Company raised their target price on SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 26th. Seven 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, the stock has an average rating of "Moderate Buy" and an average target price of $253.43.

SBA Communications Stock Performance

Shares of SBAC stock traded down $1.10 during mid-day trading on Thursday, hitting $229.65. The company's stock had a trading volume of 674,715 shares, compared to its average volume of 889,721. The company's fifty day simple moving average is $227.75 and its 200-day simple moving average is $216.69. SBA Communications Co. has a 52 week low of $187.06 and a 52 week high of $252.64. The company has a market cap of $24.68 billion, a PE ratio of 36.22, a P/E/G ratio of 0.74 and a beta of 0.83.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be given a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Thursday, May 22nd. SBA Communications's payout ratio is 60.91%.

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.