SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. trimmed its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 15.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 212,793 shares of the technology company's stock after selling 38,248 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.20% of SBA Communications worth $43,367,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Oak Thistle LLC increased its stake in SBA Communications by 76.1% in the fourth quarter. Oak Thistle LLC now owns 6,623 shares of the technology company's stock valued at $1,350,000 after purchasing an additional 2,863 shares during the last quarter. Czech National Bank grew its holdings in SBA Communications by 6.5% in the fourth quarter. Czech National Bank now owns 23,314 shares of the technology company's stock valued at $4,751,000 after purchasing an additional 1,421 shares during the period. First Hawaiian Bank increased its position in SBA Communications by 91.0% during the fourth quarter. First Hawaiian Bank now owns 12,377 shares of the technology company's stock worth $2,522,000 after purchasing an additional 5,897 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in SBA Communications by 3.0% during 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 purchasing an additional 38,725 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in SBA Communications by 49.3% during the fourth quarter. Nordea Investment Management AB now owns 687,496 shares of the technology company's stock worth $141,205,000 after purchasing an additional 226,878 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

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SBA Communications Stock Up 0.3 %

Shares of SBA Communications stock traded up $0.70 on Tuesday, hitting $225.43. 377,740 shares of the company's stock traded hands, compared to its average volume of 891,388. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $252.64. The stock has a market cap of $24.26 billion, a P/E ratio of 35.56, a PEG ratio of 0.74 and a beta of 0.83. The firm's 50-day moving average is $215.66 and its 200 day moving average is $217.21.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were issued a dividend of $1.11 per share. This is a positive change from SBA Communications's previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a yield of 1.97%. The ex-dividend date was Thursday, March 13th. SBA Communications's dividend payout ratio (DPR) is currently 63.98%.

Analysts Set New Price Targets

Several research analysts recently weighed in on SBAC shares. BMO Capital Markets reaffirmed a "market perform" rating and issued a $230.00 target price (down from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. StockNews.com raised SBA Communications from a "hold" rating to a "buy" rating in a research note on Thursday, April 10th. Morgan Stanley began coverage on shares of SBA Communications in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 target price for the company. Royal Bank of Canada reaffirmed an "outperform" rating and set a $255.00 price target on shares of SBA Communications in a research report on Monday, February 24th. Finally, Wells Fargo & Company increased their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 26th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of "Moderate Buy" and an average price target of $251.92.

Insider Transactions at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of the business's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the sale, the vice president now directly owns 6,079 shares of the company's stock, valued at $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.30% of the company's stock.

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.