Rhumbline Advisers Boosts Stake in SBA Communications Co. (NASDAQ:SBAC)

Rhumbline Advisers increased its position in SBA Communications Co. (NASDAQ:SBAC) by 6.0% during the first quarter, Holdings Channel.com reports. The institutional investor owned 241,332 shares of the technology company’s stock after purchasing an additional 13,662 shares during the period. Rhumbline Advisers’ holdings in SBA Communications were worth $53,095,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SBAC. Graney & King LLC purchased a new stake in SBA Communications during the fourth quarter valued at approximately $29,000. Oakworth Capital Inc. raised its position in SBA Communications by 161.8% during the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock valued at $47,000 after purchasing an additional 144 shares during the period. State of Wyoming raised its position in SBA Communications by 75.8% during the fourth quarter. State of Wyoming now owns 276 shares of the technology company’s stock valued at $56,000 after purchasing an additional 119 shares during the period. Sherman Asset Management Inc. purchased a new stake in SBA Communications during the fourth quarter valued at approximately $73,000. Finally, Smartleaf Asset Management LLC raised its position in SBA Communications by 67.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 395 shares of the technology company’s stock valued at $80,000 after purchasing an additional 159 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Jack Langer sold 5,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was 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 represents a 32.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Joshua Koenig sold 2,209 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the sale, the vice president now directly owns 6,079 shares in the company, valued at $1,362,790.22. This trade represents a 26.65% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is owned by insiders.

SBA Communications Stock Down 0.7%

Shares of NASDAQ:SBAC opened at $229.48 on Wednesday. SBA Communications Co. has a 52-week low of $187.06 and a 52-week high of $252.64. The stock has a market cap of $24.66 billion, a P/E ratio of 36.20, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. The business’s 50 day moving average is $227.47 and its 200 day moving average is $216.59.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be paid a $1.11 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.44 annualized dividend and a yield of 1.93%. SBA Communications’s dividend payout ratio (DPR) is currently 60.91%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. BMO Capital Markets upped their price objective on SBA Communications from $230.00 to $240.00 and gave the company a “market perform” rating in a research report on Tuesday, April 29th. Deutsche Bank Aktiengesellschaft downgraded SBA Communications from a “buy” rating to a “hold” rating and set a $247.00 price objective on the stock. in a research report on Tuesday, May 20th. Citigroup upped their target price on SBA Communications from $250.00 to $265.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Bank of America assumed coverage on SBA Communications in a research note on Monday, May 19th. They set a “buy” rating and a $260.00 target price on the stock. Finally, Wells Fargo & Company upped their target price on SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $253.43.

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.