Schonfeld Strategic Advisors LLC lifted its stake in SBA Communications Co. (NASDAQ:SBAC) by 1,196.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,393 shares of the technology company’s stock after acquiring an additional 39,122 shares during the period. Schonfeld Strategic Advisors LLC’s holdings in SBA Communications were worth $12,630,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in SBAC. Global Retirement Partners LLC grew its stake in SBA Communications by 725.0% during the 2nd quarter. Global Retirement Partners LLC now owns 99 shares of the technology company’s stock valued at $29,000 after purchasing an additional 87 shares during the last quarter. Balentine LLC acquired a new position in SBA Communications in the 2nd quarter worth about $30,000. Meeder Asset Management Inc. raised its holdings in SBA Communications by 157.1% in the 1st quarter. Meeder Asset Management Inc. now owns 108 shares of the technology company’s stock worth $29,000 after purchasing an additional 66 shares during the period. Ameritas Investment Company LLC acquired a new position in shares of SBA Communications during the first quarter valued at approximately $33,000. Finally, Harbor Investment Advisory LLC acquired a new position in shares of SBA Communications during the first quarter valued at approximately $48,000. 93.48% of the stock is owned by hedge funds and other institutional investors.
NASDAQ SBAC traded down $1.21 during midday trading on Wednesday, hitting $322.14. The company had a trading volume of 577,371 shares, compared to its average volume of 775,150. The stock has a market cap of $36.06 billion, a price-to-earnings ratio of -2,022.56 and a beta of 0.37. The firm has a fifty day simple moving average of $306.06 and a two-hundred day simple moving average of $294.12. SBA Communications Co. has a fifty-two week low of $205.20 and a fifty-two week high of $328.37.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.465 per share. This represents a $1.86 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend is Monday, August 24th. SBA Communications’s dividend payout ratio is 21.91%.
In related news, Director George R. Krouse, Jr. sold 223 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $314.52, for a total transaction of $70,137.96. Following the completion of the transaction, the director now owns 10,500 shares in the company, valued at $3,302,460. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.20% of the stock is owned by insiders.
Several research analysts recently weighed in on the company. Deutsche Bank initiated coverage on SBA Communications in a research report on Friday, June 5th. They issued a “buy” rating and a $345.00 price objective for the company. Barclays assumed coverage on SBA Communications in a research note on Wednesday, July 15th. They issued an “equal weight” rating and a $308.00 price objective on the stock. Credit Suisse Group reiterated a “buy” rating and issued a $361.00 price objective on shares of SBA Communications in a research note on Tuesday, August 4th. JPMorgan Chase & Co. upgraded SBA Communications from a “neutral” rating to an “overweight” rating and set a $335.00 price target on the stock in a research note on Tuesday, June 9th. Finally, KeyCorp cut SBA Communications from an “overweight” rating to a “sector weight” rating in a research note on Monday, July 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company’s stock. SBA Communications presently has a consensus rating of “Buy” and an average price target of $317.38.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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