Freestone Grove Partners LP Takes $2.13 Million Position in SBA Communications Co. (NASDAQ:SBAC)

Freestone Grove Partners LP bought a new position in SBA Communications Co. (NASDAQ:SBAC) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 10,462 shares of the technology company’s stock, valued at approximately $2,132,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Evermay Wealth Management LLC bought a new position in shares of SBA Communications in the fourth quarter worth about $27,000. Graney & King LLC bought a new stake in SBA Communications during the 4th quarter worth approximately $29,000. Oakworth Capital Inc. lifted its holdings in SBA Communications by 161.8% during the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock valued at $47,000 after purchasing an additional 144 shares in the last quarter. CKW Financial Group bought a new position in shares of SBA Communications in the fourth quarter worth approximately $56,000. Finally, Versant Capital Management Inc increased its stake in shares of SBA Communications by 17.3% in the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock worth $73,000 after purchasing an additional 53 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at SBA Communications

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction on 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.92% of the company’s stock.

SBA Communications Trading Up 0.5 %

Shares of NASDAQ SBAC opened at $241.96 on Friday. SBA Communications Co. has a 12-month low of $185.44 and a 12-month high of $252.64. The firm’s 50-day moving average price is $221.64 and its 200-day moving average price is $216.66. The stock has a market capitalization of $26.04 billion, a price-to-earnings ratio of 38.16, a P/E/G ratio of 0.74 and a beta of 0.83.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be paid a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Thursday, May 22nd. SBA Communications’s payout ratio is 60.91%.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on shares of SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. BMO Capital Markets boosted their price target on SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a report on Tuesday. Raymond James reiterated a “strong-buy” rating and set a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a research report on Tuesday. Finally, StockNews.com lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Friday, April 18th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $252.38.

About SBA Communications

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.