SBA Communications Corporation (NASDAQ:SBAC) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 36.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 84,114 shares of the technology company's stock after selling 47,558 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.08% of SBA Communications worth $18,540,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SBAC. Mirae Asset Global Investments Co. Ltd. increased its stake in SBA Communications by 11.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,463 shares of the technology company's stock worth $3,136,000 after purchasing an additional 1,450 shares during the period. Oakworth Capital Inc. grew its holdings in shares of SBA Communications by 25.8% in the first quarter. Oakworth Capital Inc. now owns 293 shares of the technology company's stock worth $64,000 after purchasing an additional 60 shares during the last quarter. Perpetual Ltd increased its stake in SBA Communications by 37.8% in the 1st quarter. Perpetual Ltd now owns 177,560 shares of the technology company's stock worth $39,065,000 after buying an additional 48,706 shares during the period. Spire Wealth Management lifted its holdings in SBA Communications by 40.4% during the 1st quarter. Spire Wealth Management now owns 1,463 shares of the technology company's stock valued at $322,000 after buying an additional 421 shares in the last quarter. Finally, Moran Wealth Management LLC boosted its position in SBA Communications by 4.9% in the 1st quarter. Moran Wealth Management LLC now owns 70,553 shares of the technology company's stock valued at $15,522,000 after buying an additional 3,299 shares during the period. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at SBA Communications

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the director directly owned 10,522 shares in the company, valued at $2,531,487.98. This trade represents a 32.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.92% of the stock is currently owned by company insiders.

SBA Communications Stock Performance

SBAC stock traded down $2.52 during trading on Friday, reaching $235.08. 524,755 shares of the company traded hands, compared to its average volume of 880,129. The business has a 50 day simple moving average of $232.17 and a 200 day simple moving average of $218.24. SBA Communications Corporation has a 12 month low of $189.07 and a 12 month high of $252.64. The company has a market capitalization of $25.26 billion, a price-to-earnings ratio of 32.25, a price-to-earnings-growth ratio of 1.93 and a beta of 0.78.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd were given a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Thursday, May 22nd. SBA Communications's payout ratio is currently 60.91%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SBAC shares. Barclays raised their target price on shares of SBA Communications from $244.00 to $247.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 29th. BMO Capital Markets raised their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a report on Tuesday, April 29th. Morgan Stanley initiated coverage on SBA Communications in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 target price for the company. JMP Securities increased their price target on SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a research report on Tuesday, April 29th. Finally, Deutsche Bank Aktiengesellschaft lowered SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target on the stock. in a research note on Tuesday, May 20th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $253.43.

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.