6,704 Shares in SBA Communications Corporation (NASDAQ:SBAC) Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd purchased a new position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 6,704 shares of the technology company's stock, valued at approximately $1,475,000.

Other large investors have also made changes to their positions in the company. Independence Bank of Kentucky bought a new position in SBA Communications during the first quarter worth $28,000. Graney & King LLC bought a new position in SBA Communications in the 4th quarter valued at about $29,000. Allworth Financial LP raised its position in SBA Communications by 62.0% in the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after buying an additional 62 shares during the last quarter. NBC Securities Inc. raised its holdings 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 valued at $44,000 after purchasing an additional 189 shares during the last quarter. Finally, Wayfinding Financial LLC bought a new stake in SBA Communications in the 1st quarter worth about $51,000. Institutional investors and hedge funds own 97.35% of the company's stock.

Insider Buying and Selling

In other 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 transaction, the director directly 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 Securities & Exchange Commission, which is accessible through this hyperlink. 0.92% of the stock is owned by corporate insiders.

SBA Communications Trading Down 0.5%

Shares of SBAC stock traded down $1.20 during trading hours on Friday, hitting $233.92. 500,387 shares of the company's stock were exchanged, compared to its average volume of 652,192. The company has a market capitalization of $25.14 billion, a PE ratio of 32.09, a PEG ratio of 1.94 and a beta of 0.78. SBA Communications Corporation has a 12-month low of $192.55 and a 12-month high of $252.64. The business's 50 day simple moving average is $231.71 and its 200-day simple moving average is $221.70.

SBA Communications Dividend Announcement

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 was Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a yield of 1.90%. SBA Communications's dividend payout ratio is currently 60.91%.

Analysts Set New Price Targets

A number of brokerages have issued reports on SBAC. Raymond James Financial restated a "strong-buy" rating and issued a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. Barclays lifted their price objective on shares of SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a research report on Wednesday. Morgan Stanley boosted their target price on shares of SBA Communications from $255.00 to $260.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Deutsche Bank Aktiengesellschaft lowered shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target for the company. in a research note on Tuesday, May 20th. Finally, Citigroup upped their price objective on SBA Communications from $250.00 to $265.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, SBA Communications has a consensus rating of "Moderate Buy" and a consensus target price of $257.19.

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.