Envestnet Asset Management Inc. Cuts Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Envestnet Asset Management Inc. decreased its holdings in SBA Communications Co. (NASDAQ:SBAC) by 15.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 212,793 shares of the technology company’s stock after selling 38,248 shares during the quarter. Envestnet Asset Management Inc.’s holdings in SBA Communications were worth $43,367,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC grew its stake in shares of SBA Communications by 15.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company’s stock worth $78,000 after acquiring an additional 50 shares in the last quarter. Versant Capital Management Inc increased its holdings in SBA Communications by 17.3% during the 4th quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock worth $73,000 after purchasing an additional 53 shares during the period. Auxano Advisors LLC raised its position in SBA Communications by 2.3% in the 4th quarter. Auxano Advisors LLC now owns 2,431 shares of the technology company’s stock valued at $495,000 after purchasing an additional 54 shares in the last quarter. Lake Street Advisors Group LLC raised its position in SBA Communications by 5.8% in the 4th quarter. Lake Street Advisors Group LLC now owns 1,105 shares of the technology company’s stock valued at $225,000 after purchasing an additional 61 shares in the last quarter. Finally, Orion Portfolio Solutions LLC boosted its stake in shares of SBA Communications by 1.3% in the 4th quarter. Orion Portfolio Solutions LLC now owns 4,962 shares of the technology company’s stock valued at $1,011,000 after buying an additional 64 shares during the period. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SBAC shares. Citizens Jmp upgraded shares of SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Morgan Stanley began coverage on shares of SBA Communications in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $240.00 price objective on the stock. BMO Capital Markets reaffirmed a “market perform” rating and set a $230.00 price objective (down from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Royal Bank of Canada reissued an “outperform” rating and issued a $255.00 target price on shares of SBA Communications in a report on Monday, February 24th. Finally, Barclays raised their price target on SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of “Moderate Buy” and an average target price of $251.92.

SBA Communications Stock Up 0.0 %

Shares of NASDAQ SBAC opened at $212.20 on Friday. The stock has a market cap of $22.84 billion, a PE ratio of 33.47, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $252.64. The business has a 50-day moving average price of $214.80 and a 200 day moving average price of $217.58.

SBA Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were given a dividend of $1.11 per share. The ex-dividend date of this dividend was Thursday, March 13th. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.09%. SBA Communications’s dividend payout ratio (DPR) is 63.98%.

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.