Crescent Park Management L.P. Cuts Holdings in SBA Communications Co. (NASDAQ:SBAC)

Crescent Park Management L.P. cut its stake in SBA Communications Co. (NASDAQ:SBAC) by 7.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 68,359 shares of the technology company’s stock after selling 5,283 shares during the quarter. SBA Communications comprises approximately 5.3% of Crescent Park Management L.P.’s holdings, making the stock its 6th largest holding. Crescent Park Management L.P. owned approximately 0.06% of SBA Communications worth $13,932,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of SBAC. Evermay Wealth Management LLC bought a new position in shares of SBA Communications during the fourth quarter valued at approximately $27,000. Graney & King LLC bought a new position in SBA Communications in the 4th quarter valued at $29,000. Oakworth Capital Inc. increased its stake in SBA Communications by 161.8% in the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after purchasing an additional 144 shares during the period. CKW Financial Group purchased a new stake in SBA Communications in the fourth quarter worth $56,000. Finally, Sherman Asset Management Inc. bought a new stake in shares of SBA Communications during the fourth quarter worth $73,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Up 0.2 %

Shares of SBA Communications stock opened at $220.42 on Wednesday. The company has a market cap of $23.72 billion, a P/E ratio of 34.77, a PEG ratio of 0.74 and a beta of 0.74. The firm’s 50 day moving average price is $211.96 and its 200-day moving average price is $218.90. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $252.64.

SBA Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were issued a $1.11 dividend. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a yield of 2.01%. The ex-dividend date was Thursday, March 13th. SBA Communications’s payout ratio is currently 63.98%.

Analysts Set New Price Targets

SBAC has been the topic of several recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $255.00 price target on shares of SBA Communications in a research note on Monday, February 24th. Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. Morgan Stanley initiated coverage on SBA Communications in a report on Tuesday. They issued an “equal weight” rating and a $240.00 price target for the company. Barclays raised their price objective on SBA Communications from $240.00 to $244.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. Finally, JMP Securities started coverage on SBA Communications in a report on Monday, January 27th. They issued an “outperform” rating and a $250.00 target price for the company. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $251.92.

Insider Transactions at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the transaction, the vice president now directly owns 6,079 shares in the company, valued at $1,362,790.22. The trade was a 26.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.30% of the company’s stock.

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.