SBA Communications Corporation (NASDAQ:SBAC) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. trimmed its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 48.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Independence Bank of Kentucky acquired a new position in SBA Communications during the first quarter valued at approximately $28,000. Graney & King LLC acquired a new position in SBA Communications during the fourth quarter valued at approximately $29,000. NBC Securities Inc. lifted its position in SBA Communications by 1,575.0% during the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after buying an additional 189 shares in the last quarter. Farther Finance Advisors LLC lifted its position in SBA Communications by 22.0% during the first 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 in the last quarter. 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. 97.35% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at SBA Communications

In related news, Director Jack Langer sold 5,000 shares of the firm's stock in a transaction 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 transaction, the director now directly owns 10,522 shares of the company's stock, valued at approximately $2,531,487.98. This trade represents a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.92% of the company's stock.

SBA Communications Stock Down 0.9%

Shares of SBAC opened at $230.70 on Friday. The stock has a market capitalization of $24.79 billion, a P/E ratio of 31.65, a P/E/G ratio of 1.92 and a beta of 0.78. SBA Communications Corporation has a twelve month low of $187.06 and a twelve month high of $252.64. The company has a 50 day moving average of $231.03 and a 200-day moving average of $217.36.

SBA Communications Dividend Announcement

The firm also recently declared 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. The ex-dividend date was Thursday, May 22nd. This represents a $4.44 annualized dividend and a dividend yield of 1.92%. SBA Communications's dividend payout ratio is currently 60.91%.

Wall Street Analyst Weigh In

SBAC has been the topic of a number of analyst reports. Citigroup lifted their price objective on shares of SBA Communications from $250.00 to $265.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Wall Street Zen lowered shares of SBA Communications from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. BMO Capital Markets lifted their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research note on Tuesday, April 29th. Barclays lifted their price objective on shares of SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a research note on Tuesday, April 29th. Finally, Bank of America initiated coverage on shares of SBA Communications in a research note on Monday, May 19th. They set a "buy" rating and a $260.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, SBA Communications has a consensus rating of "Moderate Buy" and an average target price of $253.43.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.