Assenagon Asset Management S.A. Has $1.02 Million Stake in SBA Communications Corporation (NASDAQ:SBAC)

Assenagon Asset Management S.A. lifted its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,615 shares of the technology company’s stock after acquiring an additional 110 shares during the quarter. Assenagon Asset Management S.A.’s holdings in SBA Communications were worth $1,015,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Dodge & Cox lifted its holdings in SBA Communications by 352.5% during the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock worth $1,497,167,000 after buying an additional 5,722,740 shares during the period. Geode Capital Management LLC lifted its holdings in SBA Communications by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company’s stock worth $586,827,000 after buying an additional 71,023 shares during the period. Deutsche Bank AG lifted its holdings in SBA Communications by 5.9% during the 4th quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company’s stock worth $491,549,000 after buying an additional 134,624 shares during the period. Cohen & Steers Inc. lifted its holdings in SBA Communications by 29.8% during the 4th quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company’s stock worth $383,762,000 after buying an additional 432,644 shares during the period. Finally, Diamond Hill Capital Management Inc. lifted its holdings in SBA Communications by 8.3% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company’s stock worth $379,290,000 after buying an additional 142,054 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

Insiders Place Their Bets

In other SBA Communications 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 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SBAC shares. Barclays lifted their target price on SBA Communications from $244.00 to $247.00 and gave the stock an “overweight” rating in a report on Tuesday, April 29th. Raymond James Financial reissued a “strong-buy” rating and issued a $268.00 price objective (up from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. BMO Capital Markets boosted their price objective on SBA Communications from $230.00 to $240.00 and gave the company a “market perform” rating in a research note on Tuesday, April 29th. Wall Street Zen downgraded SBA Communications from a “buy” rating to a “hold” rating in a research note on Friday, April 18th. Finally, Morgan Stanley started coverage on SBA Communications in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $240.00 price objective on the stock. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $253.43.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $228.32 on Thursday. SBA Communications Corporation has a one year low of $187.06 and a one year high of $252.64. The firm has a market capitalization of $24.53 billion, a price-to-earnings ratio of 31.32, a PEG ratio of 1.89 and a beta of 0.78. The business has a 50-day simple moving average of $229.91 and a 200 day simple moving average of $216.95.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd were issued a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend was Thursday, May 22nd. SBA Communications’s dividend payout ratio is currently 60.91%.

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.