Rafferty Asset Management LLC Sells 1,124 Shares of SBA Communications Co. (NASDAQ:SBAC)

Rafferty Asset Management LLC lowered its holdings in SBA Communications Co. (NASDAQ:SBAC) by 7.4% in the fourth quarter, Holdings Channel reports. The firm owned 14,154 shares of the technology company’s stock after selling 1,124 shares during the quarter. Rafferty Asset Management LLC’s holdings in SBA Communications were worth $2,885,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Evermay Wealth Management LLC bought a new position in SBA Communications in the fourth quarter valued at $27,000. Graney & King LLC bought a new position in SBA Communications in the fourth quarter valued at $29,000. Oakworth Capital Inc. grew its position in SBA Communications by 161.8% in 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 in the last quarter. CKW Financial Group bought a new position in SBA Communications in the fourth quarter valued at $56,000. Finally, Sherman Asset Management Inc. bought a new position in SBA Communications in the fourth quarter valued at $73,000. Institutional investors own 97.35% of the company’s stock.

Insiders Place Their Bets

In other SBA Communications news, Director Jack Langer sold 5,000 shares of SBA Communications stock in a transaction dated 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 sale, the director now owns 10,522 shares in the company, valued at $2,531,487.98. The trade was a 32.21% decrease in their position. 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 SBA Communications stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the sale, the vice president now owns 6,079 shares of the company’s stock, 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. Corporate insiders own 0.92% of the company’s stock.

SBA Communications Stock Performance

NASDAQ SBAC opened at $235.51 on Tuesday. SBA Communications Co. has a 52-week low of $185.44 and a 52-week high of $252.64. The firm has a 50-day moving average of $224.85 and a 200-day moving average of $215.90. The stock has a market cap of $25.34 billion, a PE ratio of 37.15, a P/E/G ratio of 0.74 and a beta of 0.83.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd will be paid a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Thursday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is 60.91%.

Wall Street Analyst Weigh In

SBAC has been the subject of a number of analyst reports. Wells Fargo & Company lifted their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Morgan Stanley initiated coverage on shares of SBA Communications in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $240.00 price objective for the company. Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. Barclays lifted their price objective on shares of SBA Communications from $244.00 to $247.00 and gave the company an “overweight” rating in a research report on Tuesday, April 29th. Finally, Citigroup lifted their price objective on shares of SBA Communications from $250.00 to $265.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $252.93.

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.