Wedge Capital Management L L P NC Cuts Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Wedge Capital Management L L P NC lowered its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 10.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,482 shares of the technology company's stock after selling 1,733 shares during the period. Wedge Capital Management L L P NC's holdings in SBA Communications were worth $3,186,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Independence Bank of Kentucky purchased a new stake in SBA Communications in the first quarter worth $28,000. Graney & King LLC bought a new position in shares of SBA Communications in the 4th quarter worth $29,000. NBC Securities Inc. lifted 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 worth $44,000 after purchasing an additional 189 shares during the last quarter. State of Wyoming grew its stake in SBA Communications by 75.8% in the fourth quarter. State of Wyoming now owns 276 shares of the technology company's stock valued at $56,000 after purchasing an additional 119 shares during the last quarter. Finally, Sherman Asset Management Inc. purchased a new stake in shares of SBA Communications during the fourth quarter valued at about $73,000. Institutional investors own 97.35% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on SBAC. Raymond James reiterated a "strong-buy" rating and set a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. Wall Street Zen downgraded SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Bank of America initiated coverage on SBA Communications in a report on Monday, May 19th. They set a "buy" rating and a $260.00 price objective for the company. Royal Bank of Canada restated an "outperform" rating and set a $255.00 target price on shares of SBA Communications in a research note on Monday, February 24th. Finally, Morgan Stanley began coverage on SBA Communications in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 price target on the stock. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $253.43.

SBA Communications Stock Down 0.6%

Shares of SBAC stock traded down $1.41 on Wednesday, hitting $224.75. The company had a trading volume of 745,460 shares, compared to its average volume of 888,343. SBA Communications Co. has a twelve month low of $187.06 and a twelve month high of $252.64. The firm has a market cap of $24.15 billion, a P/E ratio of 35.45, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78. The company has a 50-day moving average price of $228.07 and a 200-day moving average price of $216.85.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be paid a dividend of $1.11 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.98%. SBA Communications's payout ratio is 60.91%.

Insider Activity

In other news, Director Jack Langer sold 5,000 shares of the 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 now directly owns 10,522 shares of the company's stock, valued at $2,531,487.98. This represents a 32.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.92% of the company's stock.

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.