Tobam Has $585,000 Stake in SBA Communications Co. (NASDAQ:SBAC)

Tobam raised its holdings in SBA Communications Co. (NASDAQ:SBAC) by 331.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,659 shares of the technology company’s stock after acquiring an additional 2,042 shares during the period. Tobam’s holdings in SBA Communications were worth $585,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Legacy Trust boosted its position in shares of SBA Communications by 11.5% during the first quarter. Legacy Trust now owns 12,074 shares of the technology company’s stock worth $2,656,000 after buying an additional 1,245 shares during the period. Simon Quick Advisors LLC acquired a new position in shares of SBA Communications during the first quarter worth about $343,000. CX Institutional acquired a new position in shares of SBA Communications during the first quarter worth about $219,000. Assenagon Asset Management S.A. boosted its position in shares of SBA Communications by 2.4% during the first quarter. Assenagon Asset Management S.A. now owns 4,615 shares of the technology company’s stock worth $1,015,000 after buying an additional 110 shares during the period. Finally, Handelsbanken Fonder AB boosted its position in SBA Communications by 0.8% during the first quarter. Handelsbanken Fonder AB now owns 66,960 shares of the technology company’s stock valued at $14,732,000 after purchasing an additional 527 shares during the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SBAC. Citigroup increased their price target on SBA Communications from $250.00 to $265.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Wells Fargo & Company increased their price target on SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Wall Street Zen cut SBA Communications from a “buy” rating to a “hold” rating in a research report on Friday, April 18th. Bank of America began coverage on SBA Communications in a research report on Monday, May 19th. They set a “buy” rating and a $260.00 price target for the company. Finally, BMO Capital Markets increased their price target 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. Seven 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 company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $253.43.

SBA Communications Stock Up 1.5%

NASDAQ:SBAC opened at $228.07 on Friday. The stock’s 50 day moving average price is $228.44 and its two-hundred day moving average price is $216.92. The firm has a market capitalization of $24.51 billion, a price-to-earnings ratio of 35.97, a P/E/G ratio of 0.74 and a beta of 0.78. SBA Communications Co. has a 12-month low of $187.06 and a 12-month high of $252.64.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be issued a dividend of $1.11 per share. The ex-dividend date is Thursday, May 22nd. This represents a $4.44 annualized dividend and a yield of 1.95%. SBA Communications’s payout ratio is currently 60.91%.

Insider Buying and Selling

In related news, Director Jack Langer sold 5,000 shares of SBA Communications stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the completion of the sale, the director now directly owns 10,522 shares of the company’s stock, valued at approximately $2,531,487.98. This trade represents a 32.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.92% of the stock is currently owned by insiders.

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.