Envestnet Portfolio Solutions Inc. lowered its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 48.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,964 shares of the technology company's stock after selling 2,767 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in SBA Communications were worth $652,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Independence Bank of Kentucky purchased a new stake in shares of SBA Communications during the first quarter worth about $28,000. Graney & King LLC acquired a new stake in shares of SBA Communications in the fourth quarter worth $29,000. NBC Securities Inc. raised its position in SBA Communications by 1,575.0% in the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after purchasing an additional 189 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of SBA Communications by 22.0% during the 1st quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock valued at $55,000 after buying an additional 45 shares during the period. Finally, State of Wyoming raised its stake in shares of SBA Communications by 75.8% during 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 period. Institutional investors and hedge funds own 97.35% of the company's stock.
Insider Activity at SBA Communications
In related news, Director Jack Langer sold 5,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the completion of the sale, the director owned 10,522 shares in the company, 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 through this link. Insiders own 0.92% of the company's stock.
SBA Communications Stock Up 1.8%
Shares of SBAC stock traded up $4.04 during trading hours on Monday, reaching $234.84. 621,431 shares of the stock traded hands, compared to its average volume of 882,385. SBA Communications Corporation has a 1-year low of $187.06 and a 1-year high of $252.64. The firm has a market capitalization of $25.23 billion, a PE ratio of 32.21, a PEG ratio of 1.91 and a beta of 0.78. The business has a fifty day moving average price of $231.06 and a 200 day moving average price of $217.47.
SBA Communications Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd were paid a $1.11 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.89%. SBA Communications's payout ratio is presently 60.91%.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on SBAC shares. BMO Capital Markets lifted their target price 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. JMP Securities increased their target price on shares of SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a report on Tuesday, April 29th. Bank of America assumed coverage on SBA Communications in a report on Monday, May 19th. They issued a "buy" rating and a $260.00 price target on the stock. Raymond James Financial reissued a "strong-buy" rating and set a $268.00 target price (up from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. Finally, Wall Street Zen lowered SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Seven research 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.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $253.43.
View Our Latest Analysis on SBAC
SBA Communications Company 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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