Victory Capital Management Inc. Buys 204,902 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Victory Capital Management Inc. increased its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 11.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,986,133 shares of the technology company's stock after purchasing an additional 204,902 shares during the period. Victory Capital Management Inc. owned 1.85% of SBA Communications worth $436,969,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of SBAC. Independence Bank of Kentucky bought a new position in SBA Communications during the first quarter worth about $28,000. Graney & King LLC bought a new position in SBA Communications during the fourth quarter worth about $29,000. Allworth Financial LP grew its holdings in SBA Communications by 62.0% during the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after purchasing an additional 62 shares during the period. NBC Securities Inc. grew its holdings in SBA Communications by 1,575.0% during the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after purchasing an additional 189 shares during the period. Finally, Wayfinding Financial LLC bought a new position in SBA Communications during the first quarter worth about $51,000. Institutional investors own 97.35% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SBAC. JMP Securities raised their price objective on shares of SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a research report on Tuesday, April 29th. Wall Street Zen downgraded shares of SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Bank of America began coverage on shares of SBA Communications in a research report on Monday, May 19th. They set a "buy" rating and a $260.00 price objective for the company. Citigroup raised their price objective 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. Finally, Raymond James Financial restated a "strong-buy" rating and set a $268.00 price objective (up from $265.00) on shares of SBA Communications in a research report on Tuesday, April 29th. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $255.53.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the business's stock in a transaction on 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 sale, the director owned 10,522 shares of the company's stock, valued at approximately $2,531,487.98. The trade was a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.92% of the company's stock.

SBA Communications Price Performance

SBAC traded up $3.86 during trading on Wednesday, hitting $233.89. 1,058,355 shares of the stock traded hands, compared to its average volume of 873,521. SBA Communications Corporation has a twelve month low of $192.55 and a twelve month high of $252.64. The company has a market cap of $25.13 billion, a price-to-earnings ratio of 32.08, a PEG ratio of 1.91 and a beta of 0.78. The business has a 50 day moving average price of $231.24 and a 200 day moving average price of $219.81.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd were given a dividend of $1.11 per share. The ex-dividend date was Thursday, May 22nd. This represents a $4.44 annualized dividend and a yield of 1.90%. SBA Communications's dividend payout ratio is currently 60.91%.

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.