Ballentine Partners LLC Acquires Shares of 1,479 SBA Communications Corporation (NASDAQ:SBAC)

Ballentine Partners LLC acquired a new stake in SBA Communications Corporation (NASDAQ:SBAC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,479 shares of the technology company’s stock, valued at approximately $325,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Dodge & Cox raised its stake in SBA Communications by 352.5% in the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock valued at $1,497,167,000 after buying an additional 5,722,740 shares during the period. Geode Capital Management LLC raised its stake in SBA Communications by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company’s stock valued at $586,827,000 after buying an additional 71,023 shares during the period. Deutsche Bank AG raised its stake in SBA Communications by 5.9% in the fourth quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company’s stock valued at $491,549,000 after buying an additional 134,624 shares during the period. Cohen & Steers Inc. raised its stake in SBA Communications by 29.8% in the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company’s stock valued at $383,762,000 after buying an additional 432,644 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in SBA Communications by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,493,020 shares of the technology company’s stock valued at $304,277,000 after buying an additional 7,078 shares during the period. Institutional investors own 97.35% of the company’s stock.

Insider Activity

In other news, Director Jack Langer sold 5,000 shares of SBA Communications stock in a transaction 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 owned 10,522 shares in the company, valued at approximately $2,531,487.98. This trade represents a 32.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.92% of the company’s stock.

SBA Communications Stock Down 1.0%

SBAC stock opened at $230.03 on Wednesday. The company has a market cap of $24.72 billion, a PE ratio of 31.55, a price-to-earnings-growth ratio of 1.91 and a beta of 0.78. The business has a 50-day simple moving average of $231.24 and a 200 day simple moving average of $219.81. SBA Communications Corporation has a 52 week low of $192.55 and a 52 week high of $252.64.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd were paid a $1.11 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $4.44 annualized dividend and a dividend yield of 1.93%. SBA Communications’s payout ratio is 60.91%.

Analyst Ratings Changes

Several research firms have issued reports on SBAC. Morgan Stanley began coverage on SBA Communications in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $240.00 price objective on the stock. 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. Raymond James Financial reiterated a “strong-buy” rating and set a $268.00 target price (up previously from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. JMP Securities increased their target price on SBA Communications from $250.00 to $270.00 and gave the stock a “market outperform” rating in a research note on Tuesday, April 29th. Finally, Deutsche Bank Aktiengesellschaft lowered SBA Communications from a “buy” rating to a “hold” rating and set a $247.00 target price on the stock. in a research note on Tuesday, May 20th. Seven 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $255.53.

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.