SBA Communications (NASDAQ:SBAC) Coverage Initiated by Analysts at Bank of America

Bank of America began coverage on shares of SBA Communications (NASDAQ:SBAC) in a research report sent to investors on Monday. The firm issued a buy rating and a $260.00 price target on the technology company’s stock.

SBAC has been the subject of several other research reports. Raymond James reiterated 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. Morgan Stanley initiated coverage on shares of SBA Communications in a research report on Tuesday, April 1st. They set an “equal weight” rating and a $240.00 price target for the company. BMO Capital Markets upped their price target on SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a report on Tuesday, April 29th. Barclays raised their price objective on SBA Communications from $244.00 to $247.00 and gave the company an “overweight” rating in a research note on Tuesday, April 29th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $255.00 target price on shares of SBA Communications in a research report on Monday, February 24th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $252.93.

SBA Communications Price Performance

Shares of SBAC stock opened at $235.51 on Monday. The business’s fifty day moving average price is $224.85 and its 200 day moving average price is $215.90. The firm has a market capitalization of $25.34 billion, a PE ratio of 37.15, a P/E/G ratio of 0.74 and a beta of 0.83. SBA Communications has a 1-year low of $185.44 and a 1-year high of $252.64.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Thursday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is 60.91%.

Insider Buying and Selling at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction on Friday, March 7th. The stock was sold at an average price of $224.18, for a total value of $495,213.62. Following the transaction, 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 the SEC website. Also, Director Jack Langer sold 5,000 shares of SBA Communications 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 completion of the transaction, the director now directly owns 10,522 shares in the company, valued at $2,531,487.98. This represents a 32.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.92% of the stock is owned by company insiders.

Institutional Investors Weigh In On SBA Communications

Several institutional investors have recently bought and sold shares of SBAC. NewEdge Advisors LLC boosted its position in SBA Communications by 23.9% during the 4th quarter. NewEdge Advisors LLC now owns 1,276 shares of the technology company’s stock worth $260,000 after purchasing an additional 246 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of SBA Communications by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company’s stock worth $266,675,000 after buying an additional 38,725 shares during the period. NEOS Investment Management LLC grew its stake in shares of SBA Communications by 29.3% in the fourth quarter. NEOS Investment Management LLC now owns 5,488 shares of the technology company’s stock valued at $1,118,000 after buying an additional 1,243 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of SBA Communications by 46.5% during the 4th quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company’s stock valued at $363,015,000 after buying an additional 565,137 shares during the period. Finally, Janney Montgomery Scott LLC lifted its position in SBA Communications by 35.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 5,476 shares of the technology company’s stock worth $1,116,000 after acquiring an additional 1,435 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

About SBA Communications

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.