SBA Communications (NASDAQ:SBAC) Research Coverage Started at Bank of America

Bank of America started coverage on shares of SBA Communications (NASDAQ:SBAC) in a report issued on Monday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $260.00 target price on the technology company’s stock.

A number of other equities research analysts have also recently weighed in on the company. StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a research note on Friday, April 18th. Barclays upped 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. BMO Capital Markets raised their price target on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 29th. JMP Securities raised their price objective on SBA Communications from $250.00 to $270.00 and gave the stock a “market outperform” rating in a research note on Tuesday, April 29th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $255.00 price objective on shares of SBA Communications in a report on Monday, February 24th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $253.43.

SBA Communications Trading Down 0.8%

NASDAQ SBAC opened at $231.90 on Monday. The company has a market cap of $24.92 billion, a PE ratio of 36.58, a PEG ratio of 0.74 and a beta of 0.83. SBA Communications has a 12 month low of $185.44 and a 12 month high of $252.64. The stock has a 50 day moving average of $225.50 and a 200-day moving average of $216.14.

SBA Communications Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Thursday, May 22nd. SBA Communications’s payout ratio is 60.91%.

Insider Activity at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the sale, 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 ownership of the stock. 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 the firm’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $240.59, for a total value of $1,202,950.00. Following the transaction, the director now directly owns 10,522 shares of the company’s stock, valued at approximately $2,531,487.98. This represents a 32.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.92% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SBA Communications

A number of institutional investors have recently made changes to their positions in SBAC. Independence Bank of Kentucky acquired a new position in shares of SBA Communications in the first quarter worth approximately $28,000. Evermay Wealth Management LLC bought a new position in SBA Communications during the 4th quarter worth approximately $27,000. Graney & King LLC bought a new position in SBA Communications during the 4th quarter worth approximately $29,000. Stone House Investment Management LLC acquired a new position in shares of SBA Communications in the 1st quarter worth approximately $33,000. Finally, Allworth Financial LP boosted its stake in shares of SBA Communications by 62.0% in the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company’s stock valued at $36,000 after purchasing an additional 62 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

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.