SBA Communications Corporation (NASDAQ:SBAC) Shares Purchased by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC raised its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 35.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 518 shares of the technology company’s stock after purchasing an additional 136 shares during the period. Exchange Traded Concepts LLC’s holdings in SBA Communications were worth $114,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Farther Finance Advisors LLC grew its holdings in SBA Communications by 22.0% in the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company’s stock valued at $55,000 after purchasing an additional 45 shares during the period. Central Pacific Bank Trust Division grew its holdings in SBA Communications by 2.3% in the first quarter. Central Pacific Bank Trust Division now owns 2,250 shares of the technology company’s stock valued at $495,000 after purchasing an additional 50 shares during the period. Auxano Advisors LLC lifted its position in SBA Communications by 2.3% during the fourth quarter. Auxano Advisors LLC now owns 2,431 shares of the technology company’s stock valued at $495,000 after buying an additional 54 shares in the last quarter. DoubleLine ETF Adviser LP lifted its position in SBA Communications by 0.7% during the fourth quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company’s stock valued at $1,577,000 after buying an additional 57 shares in the last quarter. Finally, Lake Street Advisors Group LLC lifted its position in SBA Communications by 5.8% during the fourth quarter. Lake Street Advisors Group LLC now owns 1,105 shares of the technology company’s stock valued at $225,000 after buying an additional 61 shares in the last quarter. 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 firm’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.92% of the stock is currently owned by corporate insiders.

SBA Communications Trading Up 1.1%

Shares of SBAC opened at $236.60 on Wednesday. SBA Communications Corporation has a 12 month low of $187.06 and a 12 month high of $252.64. The firm has a fifty day simple moving average of $230.85 and a 200 day simple moving average of $217.20. The stock has a market capitalization of $25.42 billion, a price-to-earnings ratio of 32.46, a PEG ratio of 1.94 and a beta of 0.78.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd were issued a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend was Thursday, May 22nd. SBA Communications’s payout ratio is 60.91%.

Analyst Ratings Changes

A number of research analysts have recently commented on SBAC shares. Bank of America started coverage on shares of SBA Communications in a research report on Monday, May 19th. They set a “buy” rating and a $260.00 target price on the stock. Deutsche Bank Aktiengesellschaft cut shares of SBA Communications from a “buy” rating to a “hold” rating and set a $247.00 price target on the stock. in a report on Tuesday, May 20th. JMP Securities upped their price target on shares of SBA Communications from $250.00 to $270.00 and gave the company a “market outperform” rating in a report on Tuesday, April 29th. BMO Capital Markets upped their price target on shares of SBA Communications from $230.00 to $240.00 and gave the company a “market perform” rating in a report on Tuesday, April 29th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $268.00 price target (up from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Seven investment 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 company has a consensus rating of “Moderate Buy” and a consensus price target of $253.43.

SBA Communications 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.