IFM Investors Pty Ltd increased its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 4.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,715 shares of the technology company's stock after purchasing an additional 1,434 shares during the quarter. IFM Investors Pty Ltd's holdings in SBA Communications were worth $8,356,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Smartleaf Asset Management LLC grew its stake in SBA Communications by 67.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 395 shares of the technology company's stock valued at $80,000 after purchasing an additional 159 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of SBA Communications by 48.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,047 shares of the technology company's stock valued at $417,000 after buying an additional 670 shares during the period. Assetmark Inc. grew its stake in SBA Communications by 34.5% during the 4th quarter. Assetmark Inc. now owns 573 shares of the technology company's stock worth $117,000 after buying an additional 147 shares during the last quarter. Proficio Capital Partners LLC bought a new position in SBA Communications in the 4th quarter worth approximately $12,876,000. Finally, Arizona State Retirement System grew its position in SBA Communications by 1.3% in the 4th quarter. Arizona State Retirement System now owns 31,188 shares of the technology company's stock valued at $6,356,000 after buying an additional 406 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.
SBA Communications Stock Down 1.1%
Shares of SBAC traded down $2.52 during midday trading on Friday, reaching $235.08. 524,755 shares of the stock were exchanged, compared to its average volume of 880,987. The company has a market cap of $25.26 billion, a P/E ratio of 32.25, a PEG ratio of 1.93 and a beta of 0.78. The stock's 50 day simple moving average is $232.17 and its 200 day simple moving average is $218.36. SBA Communications Corporation has a twelve month low of $190.91 and a twelve month high of $252.64.
SBA Communications Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd were given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date of this dividend was Thursday, May 22nd. SBA Communications's dividend payout ratio is 60.91%.
Wall Street Analysts Forecast Growth
SBAC has been the subject of several research reports. Citigroup raised their price objective on shares of SBA Communications from $250.00 to $265.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. JMP Securities upped their price target on SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a report on Tuesday, April 29th. Raymond James Financial reissued a "strong-buy" rating and issued a $268.00 price target (up previously from $265.00) on shares of SBA Communications in a research report on Tuesday, April 29th. Deutsche Bank Aktiengesellschaft lowered SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective for the company. in a research note on Tuesday, May 20th. Finally, Bank of America assumed coverage on shares of SBA Communications in a report on Monday, May 19th. They set a "buy" rating and a $260.00 price objective for the company. 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $253.43.
View Our Latest Research Report on SBAC
Insider Activity
In other SBA Communications news, Director Jack Langer sold 5,000 shares of the company'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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.92% of the company's stock.
SBA Communications Profile
(
Free Report)
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.
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