SBA Communications Corporation (NASDAQ:SBAC) Shares Purchased by Allworth Financial LP

Allworth Financial LP boosted its position in SBA Communications Corporation (NASDAQ:SBAC) by 62.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 162 shares of the technology company’s stock after purchasing an additional 62 shares during the quarter. Allworth Financial LP’s holdings in SBA Communications were worth $36,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its holdings in shares of SBA Communications by 22.0% during the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company’s stock worth $55,000 after buying an additional 45 shares in the last quarter. Central Pacific Bank Trust Division boosted its position in SBA Communications by 2.3% during the first quarter. Central Pacific Bank Trust Division now owns 2,250 shares of the technology company’s stock worth $495,000 after acquiring an additional 50 shares during the last quarter. DoubleLine ETF Adviser LP grew its stake in SBA Communications by 0.7% during the 4th quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company’s stock valued at $1,577,000 after acquiring an additional 57 shares in the last quarter. Oakworth Capital Inc. raised its holdings in SBA Communications by 25.8% in the 1st quarter. Oakworth Capital Inc. now owns 293 shares of the technology company’s stock valued at $64,000 after acquiring an additional 60 shares during the last quarter. Finally, Clear Creek Financial Management LLC lifted its stake in SBA Communications by 6.0% in the 1st quarter. Clear Creek Financial Management LLC now owns 1,100 shares of the technology company’s stock worth $242,000 after purchasing an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SBAC. Wall Street Zen lowered SBA Communications from a “buy” rating to a “hold” rating in a research report on Friday, April 18th. Scotiabank assumed coverage on SBA Communications in a report on Thursday. They issued a “sector perform” rating and a $252.00 target price for the company. BMO Capital Markets raised their target price on 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 cut shares of 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. Finally, UBS Group raised their price objective on shares of SBA Communications from $280.00 to $285.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $255.31.

SBA Communications Trading Up 0.4%

Shares of NASDAQ SBAC opened at $233.90 on Friday. The stock has a market capitalization of $25.13 billion, a PE ratio of 32.09, a PEG ratio of 1.92 and a beta of 0.78. SBA Communications Corporation has a twelve month low of $192.55 and a twelve month high of $252.64. The stock has a fifty day simple moving average of $230.92 and a 200-day simple moving average of $220.32.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd were given a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 1.90%. The ex-dividend date was Thursday, May 22nd. SBA Communications’s dividend payout ratio is currently 60.91%.

Insider Transactions at SBA Communications

In other news, Director Jack Langer sold 5,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 10,522 shares of the company’s stock, valued at approximately $2,531,487.98. This trade represents a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.92% of the stock is owned by company insiders.

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.