Penserra Capital Management LLC Lowers Holdings in SBA Communications Corporation (NASDAQ:SBAC)

Penserra Capital Management LLC decreased its position in SBA Communications Corporation (NASDAQ:SBAC) by 32.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 522 shares of the technology company’s stock after selling 249 shares during the period. Penserra Capital Management LLC’s holdings in SBA Communications were worth $113,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Assetmark Inc. raised its stake in SBA Communications by 34.5% in the fourth quarter. Assetmark Inc. now owns 573 shares of the technology company’s stock worth $117,000 after buying an additional 147 shares in the last quarter. Proficio Capital Partners LLC bought a new position in SBA Communications in the fourth quarter worth approximately $12,876,000. Raymond James Financial Inc. bought a new position in SBA Communications in the fourth quarter worth approximately $20,765,000. HighTower Advisors LLC raised its stake in SBA Communications by 0.8% in the fourth quarter. HighTower Advisors LLC now owns 46,627 shares of the technology company’s stock worth $9,503,000 after buying an additional 375 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in SBA Communications by 1,101.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,093 shares of the technology company’s stock worth $223,000 after buying an additional 1,002 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Price Performance

Shares of SBAC opened at $228.80 on Friday. The firm has a market capitalization of $24.58 billion, a PE ratio of 31.39, a price-to-earnings-growth ratio of 1.89 and a beta of 0.78. SBA Communications Corporation has a 1-year low of $192.55 and a 1-year high of $252.64. The company’s fifty day moving average price is $231.69 and its 200-day moving average price is $219.42.

SBA Communications Dividend Announcement

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

Insider Buying and Selling

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the company’s 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 sale, the director directly owned 10,522 shares of the company’s stock, valued at approximately $2,531,487.98. This represents a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.92% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on SBAC. BMO Capital Markets boosted their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 29th. Deutsche Bank Aktiengesellschaft downgraded SBA Communications from a “buy” rating to a “hold” rating and set a $247.00 price target on the stock. in a research report on Tuesday, May 20th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $268.00 price target (up from $265.00) on shares of SBA Communications in a research report on Tuesday, April 29th. Citigroup upped their price target on SBA Communications from $250.00 to $265.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Finally, Wall Street Zen downgraded SBA Communications from a “buy” rating to a “hold” rating in a research report on Friday, April 18th. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $255.53.

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.