Gateway Investment Advisers LLC Grows Stake in SBA Communications Co. (NASDAQ:SBAC)

Gateway Investment Advisers LLC raised its holdings in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 15.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,232 shares of the technology company's stock after buying an additional 11,988 shares during the period. Gateway Investment Advisers LLC owned about 0.08% of SBA Communications worth $19,412,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Central Pacific Bank Trust Division raised its stake in shares of SBA Communications by 2.3% during the first 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 in the last quarter. Auxano Advisors LLC lifted its holdings in shares of SBA Communications by 2.3% in the 4th quarter. Auxano Advisors LLC now owns 2,431 shares of the technology company's stock worth $495,000 after buying an additional 54 shares during the period. DoubleLine ETF Adviser LP grew its position in shares of SBA Communications by 0.7% during the 4th quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company's stock worth $1,577,000 after buying an additional 57 shares in the last quarter. Lake Street Advisors Group LLC increased its stake in shares of SBA Communications by 5.8% during the fourth quarter. Lake Street Advisors Group LLC now owns 1,105 shares of the technology company's stock valued at $225,000 after buying an additional 61 shares during the period. Finally, Orion Portfolio Solutions LLC raised its holdings in shares of SBA Communications by 1.3% in the fourth quarter. Orion Portfolio Solutions LLC now owns 4,962 shares of the technology company's stock valued at $1,011,000 after acquiring an additional 64 shares in the last quarter. Institutional investors own 97.35% of the company's stock.

SBA Communications Stock Performance

Shares of NASDAQ SBAC traded up $1.17 during mid-day trading on Tuesday, hitting $226.16. The stock had a trading volume of 546,896 shares, compared to its average volume of 888,974. The firm has a market cap of $24.30 billion, a PE ratio of 35.67, a PEG ratio of 0.74 and a beta of 0.78. The company has a 50 day moving average of $228.07 and a two-hundred day moving average of $216.85. SBA Communications Co. has a twelve month low of $187.06 and a twelve month high of $252.64.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be issued a $1.11 dividend. The ex-dividend date is Thursday, May 22nd. This represents a $4.44 annualized dividend and a dividend yield of 1.96%. SBA Communications's dividend payout ratio (DPR) is presently 60.91%.

Insider Transactions at SBA Communications

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the business's stock in a transaction that occurred on 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 transaction, the director now directly 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.92% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on SBAC shares. Royal Bank of Canada reiterated an "outperform" rating and set a $255.00 target price on shares of SBA Communications in a report on Monday, February 24th. Barclays increased 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. Bank of America began coverage on shares of SBA Communications in a research note on Monday, May 19th. They issued a "buy" rating and a $260.00 price objective for the company. Deutsche Bank Aktiengesellschaft cut SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price on the stock. in a research report on Tuesday, May 20th. Finally, BMO Capital Markets boosted their price target 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. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average 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.