SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Bank of America Corp DE

Bank of America Corp DE trimmed its holdings in SBA Communications Co. (NASDAQ:SBAC) by 9.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 957,650 shares of the technology company’s stock after selling 94,253 shares during the period. Bank of America Corp DE’s holdings in SBA Communications were worth $195,169,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SBAC. BNP Paribas Financial Markets boosted its holdings in SBA Communications by 47.9% during the fourth quarter. BNP Paribas Financial Markets now owns 251,848 shares of the technology company’s stock worth $51,327,000 after buying an additional 81,570 shares in the last quarter. Aristeia Capital L.L.C. acquired a new stake in shares of SBA Communications during the fourth quarter worth $586,000. AXA S.A. lifted its holdings in shares of SBA Communications by 17.4% during the fourth quarter. AXA S.A. now owns 13,100 shares of the technology company’s stock valued at $2,670,000 after purchasing an additional 1,939 shares during the last quarter. DoubleLine ETF Adviser LP boosted its position in shares of SBA Communications by 0.7% in the 4th quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company’s stock valued at $1,577,000 after purchasing an additional 57 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its holdings in SBA Communications by 89.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 5,922 shares of the technology company’s stock worth $1,207,000 after buying an additional 2,795 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

Insider Buying and Selling at SBA Communications

In other news, Director Jack Langer sold 5,000 shares of SBA Communications 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 transaction, the director now owns 10,522 shares of the company’s stock, valued at $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 this hyperlink. Also, VP Joshua Koenig sold 2,209 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the sale, the vice president now directly owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on SBAC. JMP Securities lifted their target price on shares of SBA Communications from $250.00 to $270.00 and gave the stock a “market outperform” rating in a research report on Tuesday, April 29th. Barclays increased their target price on SBA Communications from $244.00 to $247.00 and gave the company an “overweight” rating in a report on Tuesday, April 29th. Citigroup lifted their price target on SBA Communications from $250.00 to $265.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Wells Fargo & Company raised their price objective on SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Finally, Raymond James reiterated a “strong-buy” rating and issued a $268.00 target price (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $252.38.

SBA Communications Stock Down 1.5 %

SBAC stock opened at $236.62 on Friday. The firm has a 50 day moving average of $223.41 and a two-hundred day moving average of $216.48. SBA Communications Co. has a 12 month low of $185.44 and a 12 month high of $252.64. The company has a market capitalization of $25.46 billion, a price-to-earnings ratio of 37.32, a P/E/G ratio of 0.74 and a beta of 0.83.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders 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 1.88%. The ex-dividend date is Thursday, May 22nd. SBA Communications’s payout ratio is 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.