Amalgamated Bank Acquires 185 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Amalgamated Bank lifted its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 0.9% in the first quarter, HoldingsChannel reports. The institutional investor owned 20,900 shares of the technology company’s stock after buying an additional 185 shares during the period. Amalgamated Bank’s holdings in SBA Communications were worth $4,598,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Independence Bank of Kentucky bought a new stake in SBA Communications during the first quarter worth about $28,000. Graney & King LLC bought a new stake in shares of SBA Communications during the 4th quarter worth approximately $29,000. NBC Securities Inc. raised its stake in shares of SBA Communications by 1,575.0% during the 1st quarter. NBC Securities Inc. now owns 201 shares of the technology company’s stock worth $44,000 after purchasing an additional 189 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of SBA Communications by 22.0% in the 1st quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company’s stock valued at $55,000 after buying an additional 45 shares during the last quarter. Finally, State of Wyoming grew its stake in shares of SBA Communications by 75.8% in the fourth quarter. State of Wyoming now owns 276 shares of the technology company’s stock valued at $56,000 after buying an additional 119 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

Insider Buying and Selling

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 owned 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. Corporate insiders own 0.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SBAC shares. Citigroup upped their price target on shares of SBA Communications from $250.00 to $265.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Barclays boosted their price objective on shares of SBA Communications from $244.00 to $247.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 29th. Morgan Stanley assumed coverage on shares of SBA Communications in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $240.00 target price for the company. Raymond James Financial reiterated a “strong-buy” rating and set a $268.00 price target (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Finally, JMP Securities upped their price objective on SBA Communications from $250.00 to $270.00 and gave the company a “market outperform” rating in a research note on Tuesday, April 29th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, SBA Communications currently has a consensus rating of “Moderate Buy” and a consensus price target of $253.43.

SBA Communications Trading Down 0.5%

NASDAQ:SBAC opened at $237.59 on Thursday. The stock has a 50 day simple moving average of $231.67 and a 200 day simple moving average of $217.90. The stock has a market cap of $25.53 billion, a P/E ratio of 32.59, a PEG ratio of 1.97 and a beta of 0.78. SBA Communications Corporation has a 1-year low of $189.07 and a 1-year high of $252.64.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd were paid a $1.11 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.44 annualized dividend and a dividend yield of 1.87%. SBA Communications’s dividend payout ratio (DPR) is presently 60.91%.

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.