Foster & Motley Inc. increased its stake in SBA Communications Co. (NASDAQ:SBAC – Free Report) by 32.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,734 shares of the technology company’s stock after buying an additional 2,652 shares during the quarter. Foster & Motley Inc.’s holdings in SBA Communications were worth $2,488,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of SBAC. Carolinas Wealth Consulting LLC grew its stake in SBA Communications by 248.0% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 87 shares of the technology company’s stock valued at $30,000 after purchasing an additional 62 shares in the last quarter. Resurgent Financial Advisors LLC acquired a new stake in SBA Communications during the 4th quarter valued at approximately $31,000. Ancora Advisors LLC grew its stake in SBA Communications by 88.6% during the 1st quarter. Ancora Advisors LLC now owns 132 shares of the technology company’s stock valued at $37,000 after purchasing an additional 62 shares in the last quarter. Ridgewood Investments LLC acquired a new stake in SBA Communications during the 1st quarter valued at approximately $38,000. Finally, Bank Julius Baer & Co. Ltd Zurich grew its stake in SBA Communications by 55.8% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 187 shares of the technology company’s stock valued at $43,000 after purchasing an additional 67 shares in the last quarter. Institutional investors and hedge funds own 92.48% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts have commented on SBAC shares. KeyCorp reduced their target price on SBA Communications from $300.00 to $251.00 and set an “overweight” rating on the stock in a report on Wednesday, October 11th. UBS Group lowered their price target on SBA Communications from $335.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, August 1st. BMO Capital Markets decreased their target price on SBA Communications from $260.00 to $250.00 and set a “market perform” rating on the stock in a report on Tuesday, August 1st. Morgan Stanley lowered their price target on SBA Communications from $311.00 to $227.00 and set an “overweight” rating on the stock in a report on Monday, October 16th. Finally, Raymond James lowered their price target on SBA Communications from $297.00 to $285.00 and set a “strong-buy” rating on the stock in a report on Tuesday, August 22nd. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $279.12.
SBA Communications Stock Down 0.5 %
Shares of SBAC opened at $219.69 on Wednesday. SBA Communications Co. has a 12-month low of $185.23 and a 12-month high of $312.34. The firm has a market capitalization of $23.81 billion, a price-to-earnings ratio of 47.25, a P/E/G ratio of 1.08 and a beta of 0.55. The stock’s 50-day moving average price is $206.69 and its 200 day moving average price is $222.17.
SBA Communications Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Thursday, November 16th will be paid a dividend of $0.85 per share. The ex-dividend date is Wednesday, November 15th. This represents a $3.40 annualized dividend and a yield of 1.55%. SBA Communications’s dividend payout ratio is 73.12%.
Insider Activity at SBA Communications
In other news, Director George R. Krouse, Jr. sold 371 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $229.30, for a total value of $85,070.30. Following the sale, the director now directly owns 8,501 shares in the company, valued at approximately $1,949,279.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.60% of the company’s stock.
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 in 16 markets throughout the Americas, Africa and the Philippines, SBA is listed on NASDAQ under the symbol SBAC.
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