SBA Communications Corporation (NASDAQ:SBAC) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC lowered its holdings in shares of SBA Communications Corporation (NASDAQ:SBACFree Report) by 0.2% in the first quarter, Holdings Channel reports. The firm owned 56,632 shares of the technology company’s stock after selling 123 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in SBA Communications were worth $12,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of SBAC. NewEdge Advisors LLC boosted its holdings in SBA Communications by 23.9% in the 4th quarter. NewEdge Advisors LLC now owns 1,276 shares of the technology company’s stock valued at $260,000 after purchasing an additional 246 shares in the last quarter. CWA Asset Management Group LLC purchased a new stake in SBA Communications in the 1st quarter valued at approximately $302,000. Praxis Investment Management Inc. purchased a new stake in SBA Communications in the 1st quarter valued at approximately $290,000. Charles Schwab Investment Management Inc. boosted its holdings in SBA Communications by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company’s stock valued at $266,675,000 after purchasing an additional 38,725 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in SBA Communications by 30,393.6% in the 1st quarter. GAMMA Investing LLC now owns 370,497 shares of the technology company’s stock valued at $81,513,000 after purchasing an additional 369,282 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

Insider Activity at SBA Communications

In related news, Director Jack Langer sold 5,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 10,522 shares of the company’s stock, valued at approximately $2,531,487.98. This represents a 32.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.92% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on SBAC. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Bank of America initiated coverage on SBA Communications in a report on Monday, May 19th. They issued a “buy” rating and a $260.00 price objective on the stock. Citigroup boosted their price target on SBA Communications from $250.00 to $265.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. JMP Securities boosted their price target 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, Morgan Stanley initiated coverage on SBA Communications in a research note on Tuesday, April 1st. They set an “equal weight” rating and a $240.00 price target on the stock. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $253.43.

View Our Latest Report on SBA Communications

SBA Communications Stock Performance

SBAC stock opened at $230.70 on Friday. SBA Communications Corporation has a 1 year low of $187.06 and a 1 year high of $252.64. The stock’s 50 day moving average price is $231.03 and its 200 day moving average price is $217.36. The firm has a market cap of $24.79 billion, a P/E ratio of 31.65, a PEG ratio of 1.92 and a beta of 0.78.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd were paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend was Thursday, May 22nd. SBA Communications’s payout ratio is currently 60.91%.

SBA Communications Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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