Wealth Enhancement Advisory Services LLC Purchases 6,272 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Wealth Enhancement Advisory Services LLC increased its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 75.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,614 shares of the technology company's stock after purchasing an additional 6,272 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in SBA Communications were worth $3,215,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Independence Bank of Kentucky bought a new stake in shares of SBA Communications during the first quarter valued at approximately $28,000. Graney & King LLC bought a new stake in shares of SBA Communications during the fourth quarter valued at approximately $29,000. NBC Securities Inc. grew its stake in shares of 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 purchasing an additional 189 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of 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 purchasing an additional 45 shares during the last quarter. Finally, State of Wyoming grew 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 last quarter. 97.35% of the stock is owned by institutional investors.

SBA Communications Stock Up 0.0%

Shares of NASDAQ:SBAC traded up $0.10 during midday trading on Friday, reaching $230.80. 780,089 shares of the company were exchanged, compared to its average volume of 883,433. SBA Communications Corporation has a fifty-two week low of $187.06 and a fifty-two week high of $252.64. The stock has a fifty day simple moving average of $231.06 and a two-hundred day simple moving average of $217.46. The firm has a market cap of $24.80 billion, a PE ratio of 31.66, a P/E/G ratio of 1.91 and a beta of 0.78.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd were paid a $1.11 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $4.44 annualized dividend and a yield of 1.92%. SBA Communications's payout ratio is currently 60.91%.

Insider Buying and Selling at SBA Communications

In other SBA Communications 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 sale, the director now directly owns 10,522 shares in the company, valued at approximately $2,531,487.98. The trade was a 32.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.92% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SBAC. JMP Securities increased their price objective on shares of SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a report on Tuesday, April 29th. Citigroup increased their price objective on shares of SBA Communications from $250.00 to $265.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Deutsche Bank Aktiengesellschaft lowered shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective on the stock. in a report on Tuesday, May 20th. Bank of America began coverage on shares of SBA Communications in a report on Monday, May 19th. They issued a "buy" rating and a $260.00 price objective on the stock. Finally, BMO Capital Markets increased their price objective 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. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company 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.