Wealthfront Advisers LLC Raises Stake in SBA Communications Corporation (NASDAQ:SBAC)

Wealthfront Advisers LLC grew its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 664.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 40,792 shares of the technology company's stock after purchasing an additional 35,458 shares during the period. Wealthfront Advisers LLC's holdings in SBA Communications were worth $8,975,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Dodge & Cox boosted its position in shares of SBA Communications by 352.5% during the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock worth $1,497,167,000 after purchasing an additional 5,722,740 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of SBA Communications by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock worth $586,827,000 after purchasing an additional 71,023 shares in the last quarter. Deutsche Bank AG raised its stake in shares of SBA Communications by 5.9% during the 4th quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock worth $491,549,000 after buying an additional 134,624 shares during the last quarter. Cohen & Steers Inc. raised its stake in shares of SBA Communications by 29.8% during the 4th quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock worth $383,762,000 after buying an additional 432,644 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of SBA Communications by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,493,020 shares of the technology company's stock worth $304,277,000 after buying an additional 7,078 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Price Performance

NASDAQ:SBAC traded up $1.26 on Friday, reaching $234.12. The stock had a trading volume of 100,218 shares, compared to its average volume of 869,650. SBA Communications Corporation has a 12-month low of $192.55 and a 12-month high of $252.64. The firm's fifty day moving average is $231.04 and its two-hundred day moving average is $220.11. The company has a market cap of $25.16 billion, a price-to-earnings ratio of 32.15, a P/E/G ratio of 1.93 and a beta of 0.78.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd were paid a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend was Thursday, May 22nd. SBA Communications's dividend payout ratio is currently 60.91%.

Insider Activity at SBA Communications

In other 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 transaction of $1,202,950.00. Following the completion of the transaction, the director owned 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. 0.92% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SBAC has been the subject of several research reports. Barclays lifted their price target on SBA Communications from $244.00 to $247.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 29th. JMP Securities lifted their price target on SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating 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 note on Friday, April 18th. Deutsche Bank Aktiengesellschaft downgraded SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target for the company. in a research note on Tuesday, May 20th. Finally, UBS Group lifted their price target on SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $255.31.

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.