First Trust Advisors LP Boosts Holdings in SBA Communications Co. (NASDAQ:SBAC)

First Trust Advisors LP increased its holdings in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 113.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 82,442 shares of the technology company's stock after purchasing an additional 43,885 shares during the period. First Trust Advisors LP owned 0.08% of SBA Communications worth $16,802,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of SBAC. Evermay Wealth Management LLC purchased a new stake in shares of SBA Communications in the fourth quarter valued at about $27,000. Graney & King LLC purchased a new stake in SBA Communications during the 4th quarter valued at approximately $29,000. Oakworth Capital Inc. lifted its position in SBA Communications by 161.8% during the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock worth $47,000 after acquiring an additional 144 shares during the period. CKW Financial Group acquired a new stake in SBA Communications during the 4th quarter worth approximately $56,000. Finally, Versant Capital Management Inc grew its stake in shares of SBA Communications by 17.3% in the 4th quarter. Versant Capital Management Inc now owns 360 shares of the technology company's stock valued at $73,000 after purchasing an additional 53 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Joshua Koenig sold 2,209 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the sale, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.92% of the company's stock.

SBA Communications Stock Down 1.0 %

Shares of SBAC traded down $2.43 during trading hours on Thursday, reaching $240.97. 466,480 shares of the company traded hands, compared to its average volume of 902,912. The stock has a fifty day simple moving average of $220.63 and a 200 day simple moving average of $216.70. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $252.64. The stock has a market capitalization of $25.93 billion, a PE ratio of 38.19, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be issued a dividend of $1.11 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.84%. SBA Communications's dividend payout ratio (DPR) is presently 60.91%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SBAC. Royal Bank of Canada reaffirmed an "outperform" rating and set a $255.00 price target on shares of SBA Communications in a report on Monday, February 24th. Citigroup lifted their target price on shares of SBA Communications from $250.00 to $265.00 and gave the company a "buy" rating in a report on Tuesday. Raymond James reissued a "strong-buy" rating and set a $268.00 price target (up from $265.00) on shares of SBA Communications in a report on Tuesday. Wells Fargo & Company lifted their price objective on SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a report on Wednesday, February 26th. Finally, Citizens Jmp upgraded SBA Communications to a "strong-buy" rating in a research report on Monday, January 27th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, SBA Communications presently has a consensus rating of "Moderate Buy" and a consensus target price of $252.38.

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.