Sumitomo Mitsui DS Asset Management Company Ltd Grows Stock Holdings in SBA Communications Corporation (NASDAQ:SBAC)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 14.1% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,300 shares of the technology company's stock after buying an additional 1,769 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in SBA Communications were worth $3,146,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Clear Creek Financial Management LLC lifted its stake in shares of SBA Communications by 6.0% during the 1st quarter. Clear Creek Financial Management LLC now owns 1,100 shares of the technology company's stock valued at $242,000 after buying an additional 62 shares in the last quarter. Amalgamated Bank lifted its stake in SBA Communications by 0.9% in the 1st quarter. Amalgamated Bank now owns 20,900 shares of the technology company's stock worth $4,598,000 after purchasing an additional 185 shares in the last quarter. Crescent Grove Advisors LLC purchased a new stake in SBA Communications in the 1st quarter worth $201,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in SBA Communications by 11.1% in the 1st 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 in the last quarter. Finally, Oakworth Capital Inc. lifted its stake in SBA Communications by 25.8% in the 1st quarter. Oakworth Capital Inc. now owns 293 shares of the technology company's stock worth $64,000 after purchasing an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

SBA Communications Trading Down 1.1%

Shares of NASDAQ:SBAC opened at $235.08 on Friday. The company has a market capitalization of $25.26 billion, a price-to-earnings ratio of 32.25, a PEG ratio of 1.96 and a beta of 0.78. SBA Communications Corporation has a 12 month low of $189.07 and a 12 month high of $252.64. The firm's 50-day moving average is $231.91 and its 200 day moving average is $218.06.

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 1.89%. SBA Communications's payout ratio is 60.91%.

Analyst Upgrades and Downgrades

Several brokerages have commented on SBAC. Morgan Stanley began coverage on shares of SBA Communications in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 price target on the stock. Wall Street Zen cut shares of SBA Communications from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Barclays boosted their price target on shares of SBA Communications from $244.00 to $247.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 29th. Bank of America started coverage on shares of SBA Communications in a research note on Monday, May 19th. They issued a "buy" rating and a $260.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price on the stock. in a report on Tuesday, May 20th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, SBA Communications presently has a consensus rating of "Moderate Buy" and a consensus price target of $253.43.

Insider Buying and Selling

In related news, Director Jack Langer sold 5,000 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the transaction, the director directly owned 10,522 shares in the company, valued at approximately $2,531,487.98. This represents a 32.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.92% of the company's stock.

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.

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