iA Global Asset Management Inc. Sells 6,135 Shares of SBA Communications Corporation $SBAC

iA Global Asset Management Inc. trimmed its stake in SBA Communications Corporation (NASDAQ:SBAC) by 52.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,627 shares of the technology company’s stock after selling 6,135 shares during the quarter. iA Global Asset Management Inc.’s holdings in SBA Communications were worth $968,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Elevation Wealth Partners LLC grew its stake in SBA Communications by 523.8% in the fourth quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock valued at $25,000 after acquiring an additional 110 shares during the period. DV Equities LLC bought a new position in shares of SBA Communications in the 4th quarter worth $29,000. Fulcrum Asset Management LLP acquired a new stake in SBA Communications in the 3rd quarter valued at $32,000. Geneos Wealth Management Inc. grew its position in SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after purchasing an additional 84 shares during the period. Finally, High Point Wealth Management LLC acquired a new stake in SBA Communications in the 4th quarter valued at $39,000. 97.35% of the stock is owned by institutional investors.

SBA Communications Price Performance

SBAC opened at $184.56 on Friday. SBA Communications Corporation has a fifty-two week low of $162.41 and a fifty-two week high of $243.16. The firm has a market capitalization of $19.57 billion, a P/E ratio of 19.43, a PEG ratio of 1.81 and a beta of 1.00. The company’s 50-day moving average is $202.38 and its 200 day moving average is $195.96.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd were issued a $1.25 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $5.00 annualized dividend and a dividend yield of 2.7%. SBA Communications’s dividend payout ratio is currently 52.63%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SBAC shares. KeyCorp raised their price objective on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Scotiabank upped their target price on shares of SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a report on Friday, May 1st. Morgan Stanley upped their target price on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a report on Thursday, April 9th. Wells Fargo & Company raised their price target on shares of SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 7th. Finally, Barclays lifted their price target on SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $236.39.

SBA Communications Company Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.