Leo Wealth LLC Sells 5,068 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Leo Wealth LLC lessened its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 12.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,372 shares of the technology company's stock after selling 5,068 shares during the quarter. SBA Communications makes up 1.2% of Leo Wealth LLC's portfolio, making the stock its 17th largest holding. Leo Wealth LLC's holdings in SBA Communications were worth $8,002,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Independence Bank of Kentucky bought a new stake in shares of SBA Communications during the 1st quarter valued at $28,000. Graney & King LLC bought a new stake in SBA Communications during the fourth quarter valued at about $29,000. Allworth Financial LP lifted its position in shares of SBA Communications by 62.0% in the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after acquiring an additional 62 shares in the last quarter. NBC Securities Inc. boosted its stake in shares of SBA Communications by 1,575.0% in the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after acquiring an additional 189 shares during the period. Finally, Wayfinding Financial LLC purchased a new stake in shares of SBA Communications during the first quarter worth about $51,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Up 1.5%

SBAC traded up $3.54 during trading on Monday, reaching $232.34. The company had a trading volume of 461,120 shares, compared to its average volume of 868,920. The business has a 50 day simple moving average of $231.69 and a 200-day simple moving average of $219.53. The stock has a market cap of $24.97 billion, a P/E ratio of 31.87, a PEG ratio of 1.89 and a beta of 0.78. SBA Communications Corporation has a 52 week low of $192.55 and a 52 week high of $252.64.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd were issued a dividend of $1.11 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.44 annualized dividend and a yield of 1.91%. SBA Communications's payout ratio is 60.91%.

Insiders Place Their Bets

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the business's 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 transaction, the director owned 10,522 shares in the company, valued at $2,531,487.98. The trade was a 32.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.92% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. UBS Group upped 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. Citigroup upped their target price on shares of SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. BMO Capital Markets lifted their price target on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a report on Tuesday, April 29th. JMP Securities boosted their price target on shares of SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a research note on Tuesday, April 29th. Finally, Bank of America initiated coverage on SBA Communications in a research report on Monday, May 19th. They set a "buy" rating and a $260.00 price objective for the company. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, SBA Communications presently has a consensus rating of "Moderate Buy" and an average price target of $255.53.

SBA Communications 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.