Cresset Asset Management LLC Sells 9,127 Shares of SBA Communications Co. (NASDAQ:SBAC)

Cresset Asset Management LLC trimmed its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 68.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,164 shares of the technology company’s stock after selling 9,127 shares during the period. Cresset Asset Management LLC’s holdings in SBA Communications were worth $849,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Barclays PLC boosted its stake in shares of SBA Communications by 71.0% during the third quarter. Barclays PLC now owns 658,029 shares of the technology company’s stock valued at $158,386,000 after purchasing an additional 273,237 shares in the last quarter. JPMorgan Chase & Co. lifted its position in SBA Communications by 16.6% during the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock valued at $1,024,049,000 after acquiring an additional 605,872 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of SBA Communications by 2.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 2,856 shares of the technology company’s stock worth $582,000 after buying an additional 79 shares during the period. Czech National Bank lifted its stake in shares of SBA Communications by 6.5% during the fourth quarter. Czech National Bank now owns 23,314 shares of the technology company’s stock worth $4,751,000 after buying an additional 1,421 shares during the period. Finally, Eastern Bank lifted its stake in shares of SBA Communications by 100.4% during the fourth quarter. Eastern Bank now owns 485 shares of the technology company’s stock worth $99,000 after buying an additional 243 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SBAC shares. BMO Capital Markets raised their target price on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a report on Tuesday, April 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $255.00 price target on shares of SBA Communications in a research note on Monday, February 24th. Raymond James reissued a “strong-buy” rating and issued a $268.00 price target (up from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. Barclays boosted their price target on shares of SBA Communications from $244.00 to $247.00 and gave the company an “overweight” rating in a research note on Tuesday, April 29th. Finally, Citigroup lifted their price objective on shares of SBA Communications from $250.00 to $265.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Six investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $252.38.

Insider Transactions at SBA Communications

In other news, VP Joshua Koenig sold 2,209 shares of the 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 transaction, the vice president now directly owns 6,079 shares in the company, valued at $1,362,790.22. This represents a 26.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jack Langer sold 5,000 shares of the stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the transaction, the director now owns 10,522 shares in the company, valued at approximately $2,531,487.98. The trade was a 32.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company’s stock.

SBA Communications Price Performance

SBAC stock opened at $229.67 on Tuesday. The company has a fifty day moving average price of $224.01 and a 200 day moving average price of $215.99. SBA Communications Co. has a 12 month low of $185.44 and a 12 month high of $252.64. The company has a market cap of $24.72 billion, a price-to-earnings ratio of 36.23, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd will be given a dividend of $1.11 per share. The ex-dividend date is Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a yield of 1.93%. SBA Communications’s payout ratio is currently 60.91%.

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.