Wealth Enhancement Advisory Services LLC raised its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 75.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 14,614 shares of the technology company's stock after purchasing an additional 6,272 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in SBA Communications were worth $3,215,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SBAC. Dodge & Cox grew its stake in SBA Communications by 352.5% during the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after acquiring an additional 5,722,740 shares in the last quarter. Norges Bank acquired a new position in shares of SBA Communications during the 4th quarter worth approximately $268,287,000. Wealthfront Advisers LLC grew its position in shares of SBA Communications by 23,553.0% in the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company's stock valued at $229,648,000 after purchasing an additional 1,122,064 shares in the last quarter. BROOKFIELD Corp ON increased its holdings in shares of SBA Communications by 27,449.9% in the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock valued at $202,016,000 after purchasing an additional 987,647 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of SBA Communications by 46.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company's stock valued at $363,015,000 after purchasing an additional 565,137 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have issued reports on the company. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $268.00 target price (up from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. 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. Bank of America started coverage on shares of SBA Communications in a research note on Monday, May 19th. They set a "buy" rating and a $260.00 target price on the stock. Barclays increased their price target 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, Wall Street Zen lowered shares of 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 assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, SBA Communications currently has an average rating of "Moderate Buy" and a consensus target price of $253.43.
View Our Latest Report on SBA Communications
Insiders Place Their Bets
In related news, Director Jack Langer sold 5,000 shares of SBA Communications 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 transaction, the director directly owned 10,522 shares in the company, valued at $2,531,487.98. This trade represents a 32.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.92% of the company's stock.
SBA Communications Stock Performance
NASDAQ SBAC traded up $3.90 on Tuesday, reaching $238.74. The stock had a trading volume of 846,659 shares, compared to its average volume of 881,944. The stock has a market cap of $25.65 billion, a P/E ratio of 32.75, a price-to-earnings-growth ratio of 1.94 and a beta of 0.78. SBA Communications Corporation has a 12-month low of $187.06 and a 12-month high of $252.64. The business's 50-day moving average price is $231.39 and its 200 day moving average price is $217.76.
SBA Communications Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd were paid a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 1.86%. The ex-dividend date was Thursday, May 22nd. SBA Communications's dividend payout ratio is presently 60.91%.
About SBA Communications
(
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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