Proficio Capital Partners LLC Invests $12.88 Million in SBA Communications Co. (NASDAQ:SBAC)

Proficio Capital Partners LLC purchased a new position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 63,178 shares of the technology company's stock, valued at approximately $12,876,000. Proficio Capital Partners LLC owned about 0.06% of SBA Communications as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Assetmark Inc. increased its holdings in SBA Communications by 34.5% in the 4th quarter. Assetmark Inc. now owns 573 shares of the technology company's stock worth $117,000 after acquiring an additional 147 shares during the last quarter. Victory Capital Management Inc. raised its stake in SBA Communications by 46.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company's stock valued at $363,015,000 after purchasing an additional 565,137 shares in the last quarter. Torray Investment Partners LLC lifted its holdings in shares of SBA Communications by 0.7% during the 4th quarter. Torray Investment Partners LLC now owns 9,788 shares of the technology company's stock worth $1,995,000 after acquiring an additional 67 shares during the last quarter. Commerzbank Aktiengesellschaft FI lifted its stake in SBA Communications by 4.1% during the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 2,967 shares of the technology company's stock worth $604,000 after purchasing an additional 116 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in SBA Communications by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company's stock worth $266,675,000 after buying an additional 38,725 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

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Wall Street Analysts Forecast Growth

SBAC has been the topic of a number of analyst reports. StockNews.com cut SBA Communications from a "buy" rating to a "hold" rating in a research note on Thursday, February 20th. Citizens Jmp upgraded SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. Barclays lowered their target price on shares of SBA Communications from $254.00 to $240.00 and set an "overweight" rating for the company in a report on Thursday, February 20th. Wells Fargo & Company raised their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 26th. Finally, JMP Securities started coverage on SBA Communications in a research report on Monday, January 27th. They set an "outperform" rating and a $250.00 price objective on the stock. Five research analysts have rated the stock with a hold rating, eight have given 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 $252.54.

SBA Communications Stock Down 1.5 %

Shares of SBA Communications stock traded down $3.42 during midday trading on Wednesday, hitting $219.73. The company had a trading volume of 537,174 shares, compared to its average volume of 847,484. The company has a fifty day simple moving average of $208.18 and a 200 day simple moving average of $220.21. The stock has a market cap of $23.65 billion, a price-to-earnings ratio of 34.66, a PEG ratio of 0.74 and a beta of 0.74. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $252.64.

SBA Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be given a $1.11 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $4.44 dividend on an annualized basis and a yield of 2.02%. This is a positive change from SBA Communications's previous quarterly dividend of $0.98. SBA Communications's dividend payout ratio is currently 63.98%.

Insider Buying and Selling

In other SBA Communications news, EVP Donald Day sold 2,321 shares of the company's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $203.43, for a total value of $472,161.03. Following the completion of the transaction, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,016,743.14. This represents a 31.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Joshua Koenig sold 2,209 shares of the firm's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the sale, the vice president now owns 6,079 shares in the company, valued at $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

About SBA Communications

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.