Bank of America Corp DE Decreases Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Bank of America Corp DE lessened its holdings in SBA Communications Co. (NASDAQ:SBAC) by 9.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 957,650 shares of the technology company’s stock after selling 94,253 shares during the period. Bank of America Corp DE owned about 0.89% of SBA Communications worth $195,169,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SBAC. Evermay Wealth Management LLC acquired a new position in shares of SBA Communications during the fourth quarter worth about $27,000. Graney & King LLC acquired a new position in SBA Communications during the 4th quarter worth approximately $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 acquiring an additional 144 shares in the last quarter. CKW Financial Group purchased a new stake in shares of SBA Communications during the fourth quarter valued at approximately $56,000. Finally, Sherman Asset Management Inc. acquired a new position in shares of SBA Communications during the fourth quarter worth $73,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

Insider Activity

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the transaction, the vice president now directly owns 6,079 shares of the company’s stock, valued at $1,362,790.22. The trade was a 26.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jack Langer sold 5,000 shares of SBA Communications stock in a transaction that occurred on 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 sale, the director now directly owns 10,522 shares in the company, valued at approximately $2,531,487.98. This trade represents a 32.21 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SBAC shares. JMP Securities raised 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. Barclays lifted their target price on SBA Communications from $244.00 to $247.00 and gave the stock an “overweight” 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 report on Wednesday, February 26th. Raymond James restated a “strong-buy” rating and set a $268.00 price objective (up from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, SBA Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $252.38.

SBA Communications Trading Down 1.5 %

NASDAQ:SBAC opened at $236.62 on Friday. The firm has a market capitalization of $25.46 billion, a PE ratio of 37.32, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 52 week low of $185.44 and a 52 week high of $252.64. The stock has a 50 day moving average of $223.41 and a 200-day moving average of $216.48.

SBA Communications Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Thursday, May 22nd. SBA Communications’s payout ratio is 60.91%.

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.