Resona Asset Management Co. Ltd. bought a new position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 17,841 shares of the technology company's stock, valued at approximately $3,633,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Evermay Wealth Management LLC acquired a new stake in SBA Communications in the fourth quarter worth about $27,000. Graney & King LLC acquired a new stake in shares of SBA Communications during the 4th quarter worth approximately $29,000. Oakworth Capital Inc. grew its position in shares of SBA Communications by 161.8% during the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock worth $47,000 after buying an additional 144 shares during the period. CKW Financial Group bought a new stake in shares of SBA Communications during the fourth quarter worth approximately $56,000. Finally, Sherman Asset Management Inc. acquired a new position in SBA Communications in the fourth quarter valued at approximately $73,000. Institutional investors own 97.35% of the company's stock.
Insider Buying and Selling
In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the transaction, the vice president now owns 6,079 shares of the company's stock, valued at $1,362,790.22. This represents a 26.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.30% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several brokerages have commented on SBAC. BMO Capital Markets reiterated a "market perform" rating and set a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Barclays upped their price objective on SBA Communications from $240.00 to $244.00 and gave the company an "overweight" rating in a report on Friday, March 21st. Citizens Jmp upgraded SBA Communications to a "strong-buy" rating in a report on Monday, January 27th. Morgan Stanley assumed coverage on SBA Communications in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 price target for the company. Finally, StockNews.com upgraded shares of SBA Communications from a "hold" rating to a "buy" rating in a research report on Thursday, April 10th. Five equities 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 has an average rating of "Moderate Buy" and an average target price of $251.92.
Check Out Our Latest Report on SBA Communications
SBA Communications Stock Performance
NASDAQ SBAC traded up $1.79 on Tuesday, reaching $226.52. The company had a trading volume of 185,887 shares, compared to its average volume of 890,596. The company's fifty day moving average is $215.66 and its 200-day moving average is $217.21. The firm has a market capitalization of $24.38 billion, a price-to-earnings ratio of 35.71, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $252.64.
SBA Communications Increases Dividend
The company also recently disclosed 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. 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 1.96%. The ex-dividend date of this dividend was Thursday, March 13th. SBA Communications's dividend payout ratio is currently 63.98%.
About SBA Communications
(
Free Report)
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.
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