Ritholtz Wealth Management Makes New Investment in SBA Communications Co. (NASDAQ:SBAC)

Ritholtz Wealth Management purchased a new stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 8,956 shares of the technology company's stock, valued at approximately $1,970,000.

Other large investors also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of SBA Communications by 75.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 14,614 shares of the technology company's stock worth $3,215,000 after buying an additional 6,272 shares during the period. Elevation Point Wealth Partners LLC lifted its stake in SBA Communications by 62.6% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 14,806 shares of the technology company's stock valued at $3,257,000 after acquiring an additional 5,702 shares in the last quarter. Everhart Financial Group Inc. acquired a new position in SBA Communications during the 1st quarter worth approximately $203,000. NorthCrest Asset Manangement LLC bought a new position in shares of SBA Communications during the 1st quarter worth approximately $328,000. Finally, Tobam raised its holdings in shares of SBA Communications by 331.0% in the first quarter. Tobam now owns 2,659 shares of the technology company's stock valued at $585,000 after purchasing an additional 2,042 shares during the last quarter. Institutional investors own 97.35% of the company's stock.

SBA Communications Stock Down 0.7%

Shares of NASDAQ SBAC traded down $1.60 during mid-day trading on Tuesday, reaching $228.52. 821,700 shares of the company were exchanged, compared to its average volume of 886,628. The stock has a market capitalization of $24.55 billion, a P/E ratio of 36.04, a P/E/G ratio of 0.74 and a beta of 0.78. The company's 50-day simple moving average is $229.26 and its 200-day simple moving average is $216.79. SBA Communications Co. has a twelve month low of $187.06 and a twelve month high of $252.64.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd will be issued a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date is Thursday, May 22nd. SBA Communications's dividend payout ratio is 60.91%.

Wall Street Analyst Weigh In

Several brokerages recently commented on SBAC. Raymond James restated 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. Barclays increased their price objective on shares of SBA Communications from $244.00 to $247.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 29th. Wall Street Zen cut SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. BMO Capital Markets lifted their target price on SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research report on Tuesday, April 29th. Finally, Wells Fargo & Company raised their price target on SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $253.43.

Insiders Place Their Bets

In related news, Director Jack Langer sold 5,000 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $240.59, for a total value of $1,202,950.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.92% of the company's stock.

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.