Lazard Asset Management LLC Sells 28,400 Shares of SBA Communications Co. (NASDAQ:SBAC)

Lazard Asset Management LLC cut its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 30.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 63,774 shares of the technology company's stock after selling 28,400 shares during the quarter. Lazard Asset Management LLC owned 0.06% of SBA Communications worth $12,996,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in SBAC. Evermay Wealth Management LLC bought a new stake in shares of SBA Communications during the 4th quarter valued at approximately $27,000. Graney & King LLC bought a new stake in shares of SBA Communications during the 4th quarter valued at approximately $29,000. Oakworth Capital Inc. grew its holdings in shares of SBA Communications by 161.8% during the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock valued at $47,000 after purchasing an additional 144 shares during the last quarter. CKW Financial Group bought a new stake in shares of SBA Communications during the 4th quarter valued at approximately $56,000. Finally, Sherman Asset Management Inc. bought a new stake in shares of SBA Communications during the 4th quarter valued at approximately $73,000. 97.35% of the stock is owned by institutional investors.

Insider Buying and Selling

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 completion of the sale, the director now directly owns 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 document filed with the SEC, which is accessible through this hyperlink. Also, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction 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 completion of the sale, the vice president now directly owns 6,079 shares of the company's stock, valued at approximately $1,362,790.22. This trade represents a 26.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.92% of the stock is owned by insiders.

SBA Communications Price Performance

NASDAQ SBAC traded up $3.99 during mid-day trading on Friday, reaching $233.08. 1,084,678 shares of the stock were exchanged, compared to its average volume of 901,481. SBA Communications Co. has a one year low of $185.44 and a one year high of $252.64. The stock has a 50 day simple moving average of $224.46 and a 200-day simple moving average of $216.04. The stock has a market cap of $25.08 billion, a P/E ratio of 36.76, a P/E/G ratio of 0.74 and a beta of 0.83.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be paid a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Thursday, May 22nd. SBA Communications's dividend payout ratio is presently 60.91%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SBAC. Morgan Stanley began coverage on shares of SBA Communications in a report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 price target on the stock. JMP Securities lifted their price target on shares of SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a report on Tuesday, April 29th. StockNews.com lowered shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. BMO Capital Markets lifted their price target on shares of SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a report on Tuesday, April 29th. Finally, Barclays lifted their price target on shares of SBA Communications from $244.00 to $247.00 and gave the stock an "overweight" rating in a report on Tuesday, April 29th. Six investment 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 company. According to data from MarketBeat.com, SBA Communications has an average 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.