Canada Pension Plan Investment Board reduced its holdings in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 19.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 284,305 shares of the technology company's stock after selling 67,761 shares during the period. Canada Pension Plan Investment Board owned approximately 0.26% of SBA Communications worth $57,941,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Evermay Wealth Management LLC bought a new position in SBA Communications during the 4th quarter worth approximately $27,000. Graney & King LLC bought a new position in shares of SBA Communications during the fourth quarter worth $29,000. Oakworth Capital Inc. grew its holdings in shares of SBA Communications by 161.8% in the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock valued at $47,000 after buying an additional 144 shares during the period. CKW Financial Group bought a new stake in shares of SBA Communications in the 4th quarter valued at $56,000. Finally, Sherman Asset Management Inc. acquired a new stake in SBA Communications during the 4th quarter worth $73,000. 97.35% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities research analysts have issued reports on the company. JMP Securities started coverage on SBA Communications in a report on Monday, January 27th. They issued an "outperform" rating and a $250.00 price target for the company. Royal Bank of Canada restated an "outperform" rating and set a $255.00 target price on shares of SBA Communications in a report on Monday, February 24th. StockNews.com downgraded shares of SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Wells Fargo & Company boosted 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 report on Wednesday, February 26th. Finally, 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 on the stock. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $251.92.
Read Our Latest Analysis on SBA Communications
SBA Communications Price Performance
SBAC stock traded up $2.26 during trading hours on Thursday, reaching $226.16. The stock had a trading volume of 288,557 shares, compared to its average volume of 902,249. The stock has a 50-day simple moving average of $218.48 and a 200 day simple moving average of $216.90. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $252.64. The stock has a market capitalization of $24.34 billion, a PE ratio of 35.67, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83.
SBA Communications Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date was Thursday, March 13th. This is an increase from SBA Communications's previous quarterly dividend of $0.98. SBA Communications's payout ratio is 63.98%.
Insider Buying and Selling at SBA Communications
In related news, VP Joshua Koenig sold 2,209 shares of the company'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 transaction, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. This represents a 26.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.30% of the company's stock.
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.
Recommended Stories
Before you consider SBA Communications, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and SBA Communications wasn't on the list.
While SBA Communications currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
