Morgan Stanley Boosts SBA Communications (NASDAQ:SBAC) Price Target to $260.00

SBA Communications (NASDAQ:SBAC - Free Report) had its price objective raised by Morgan Stanley from $255.00 to $260.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the technology company's stock.

A number of other brokerages have also recently commented on SBAC. Wall Street Zen cut shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Scotiabank initiated coverage on shares of SBA Communications in a report on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 target price on the stock. JMP Securities lifted their target price 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. UBS Group lifted their target price on shares of SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Finally, Barclays boosted their price objective 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. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $257.19.

SBA Communications Trading Down 1.0%

Shares of SBA Communications stock traded down $2.44 during trading on Tuesday, reaching $236.91. The company's stock had a trading volume of 980,510 shares, compared to its average volume of 873,327. The company has a 50-day moving average price of $231.57 and a two-hundred day moving average price of $221.04. The firm has a market cap of $25.46 billion, a PE ratio of 32.50, a P/E/G ratio of 1.98 and a beta of 0.78. SBA Communications has a fifty-two week low of $192.55 and a fifty-two week high of $252.64.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd were given a $1.11 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.44 annualized dividend and a dividend yield of 1.87%. SBA Communications's dividend payout ratio is presently 60.91%.

Insider Activity at SBA Communications

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the company's stock in a transaction dated 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 approximately $2,531,487.98. This represents a 32.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.92% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SBAC. Teacher Retirement System of Texas purchased a new position in SBA Communications in the 4th quarter valued at about $205,000. Mizuho Securities USA LLC increased its stake in shares of SBA Communications by 46.2% during the 4th quarter. Mizuho Securities USA LLC now owns 10,191 shares of the technology company's stock valued at $2,077,000 after acquiring an additional 3,222 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of SBA Communications during the 4th quarter valued at about $7,112,000. LPL Financial LLC increased its stake in shares of SBA Communications by 0.7% during the 4th quarter. LPL Financial LLC now owns 17,713 shares of the technology company's stock valued at $3,610,000 after acquiring an additional 129 shares during the last quarter. Finally, Prestige Wealth Management Group LLC increased its stake in shares of SBA Communications by 9.6% during the 4th quarter. Prestige Wealth Management Group LLC now owns 1,665 shares of the technology company's stock valued at $339,000 after acquiring an additional 146 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

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.