Capital Group Private Client Services Inc. Boosts Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Capital Group Private Client Services Inc. boosted its holdings in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 128.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,080 shares of the technology company's stock after buying an additional 4,550 shares during the period. Capital Group Private Client Services Inc.'s holdings in SBA Communications were worth $1,647,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SBAC. Evermay Wealth Management LLC purchased a new position in shares of SBA Communications in the fourth quarter worth $27,000. Graney & King LLC acquired a new stake in SBA Communications during the 4th quarter worth about $29,000. Oakworth Capital Inc. increased its holdings in shares of SBA Communications by 161.8% in the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock valued at $47,000 after purchasing an additional 144 shares during the period. CKW Financial Group purchased a new position in shares of SBA Communications in the fourth quarter worth about $56,000. Finally, Versant Capital Management Inc lifted its holdings in shares of SBA Communications by 17.3% during the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company's stock worth $73,000 after purchasing an additional 53 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Price Performance

Shares of NASDAQ SBAC traded up $0.95 during midday trading on Thursday, hitting $224.85. The company's stock had a trading volume of 312,078 shares, compared to its average volume of 902,332. The firm has a market capitalization of $24.20 billion, a price-to-earnings ratio of 35.38, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. The business's fifty day simple moving average is $218.48 and its two-hundred day simple moving average is $216.90. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $252.64.

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 paid a $1.11 dividend. This is an increase from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.44 annualized dividend and a dividend yield of 1.97%. SBA Communications's payout ratio is 63.98%.

Insider Transactions at SBA Communications

In other 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 transaction of $495,213.62. Following the completion of the transaction, the vice president now directly owns 6,079 shares of the company's stock, valued at approximately $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 SEC, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company's stock.

Analyst Upgrades and Downgrades

SBAC has been the topic of a number of research reports. Royal Bank of Canada reiterated an "outperform" rating and issued a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. JMP Securities began coverage on shares of SBA Communications in a report on Monday, January 27th. They issued an "outperform" rating and a $250.00 price target for the company. Wells Fargo & Company increased their target price on SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a report on Wednesday, February 26th. Barclays raised their price target on shares of SBA Communications from $240.00 to $244.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Finally, Morgan Stanley assumed coverage on SBA Communications in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 target price for the company. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $251.92.

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.