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

Proficio Capital Partners LLC bought a new stake in shares of SBA Communications Co. (NASDAQ:SBAC) during the 4th quarter, Holdings Channel reports. The fund bought 63,178 shares of the technology company’s stock, valued at approximately $12,876,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Victory Capital Management Inc. boosted its holdings in SBA Communications by 2,821.5% in the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after acquiring an additional 1,174,469 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of SBA Communications by 377.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock worth $213,353,000 after purchasing an additional 700,791 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of SBA Communications by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock valued at $1,024,049,000 after purchasing an additional 605,872 shares in the last quarter. KBC Group NV increased its position in shares of SBA Communications by 212.3% during the fourth quarter. KBC Group NV now owns 410,023 shares of the technology company’s stock valued at $83,562,000 after buying an additional 278,737 shares during the period. Finally, Barclays PLC raised its stake in SBA Communications by 71.0% in the third quarter. Barclays PLC now owns 658,029 shares of the technology company’s stock worth $158,386,000 after buying an additional 273,237 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Wells Fargo & Company lifted their price objective on SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research report on Wednesday. StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. Royal Bank of Canada reissued an “outperform” rating and set a $255.00 price objective on shares of SBA Communications in a research report on Monday, February 24th. JMP Securities began coverage on shares of SBA Communications in a research report on Monday, January 27th. They issued an “outperform” rating and a $250.00 target price on the stock. Finally, Barclays lowered their price target on shares of SBA Communications from $254.00 to $240.00 and set an “overweight” rating for the company in a research report on Thursday, February 20th. Five analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $253.07.

Insider Buying and Selling

In related news, EVP Mark R. Ciarfella sold 3,545 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $224.33, for a total value of $795,249.85. Following the sale, the executive vice president now owns 33,588 shares in the company, valued at approximately $7,534,796.04. This trade represents a 9.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Donald Day sold 2,321 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $203.43, for a total transaction of $472,161.03. Following the sale, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,016,743.14. This represents a 31.71 % 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.

SBA Communications Trading Down 0.1 %

Shares of SBAC opened at $217.90 on Friday. The company has a market cap of $23.43 billion, a price-to-earnings ratio of 34.37, a P/E/G ratio of 0.74 and a beta of 0.69. The business’s fifty day simple moving average is $203.81 and its two-hundred day simple moving average is $220.40. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $252.64.

SBA Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be given a dividend of $1.11 per share. The ex-dividend date is Thursday, March 13th. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a dividend yield of 2.04%. 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.