Clearbridge Investments LLC Has $64.31 Million Stake in SBA Communications Co. (NASDAQ:SBAC)

Clearbridge Investments LLC trimmed its position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 0.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 315,544 shares of the technology company's stock after selling 1,366 shares during the period. Clearbridge Investments LLC owned 0.29% of SBA Communications worth $64,308,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the company. Evermay Wealth Management LLC bought a new position in shares of SBA Communications during the 4th quarter worth approximately $27,000. Graney & King LLC bought a new position in SBA Communications during the fourth quarter worth $29,000. Oakworth Capital Inc. raised its position 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 acquired a new stake in shares of SBA Communications during the 4th quarter worth about $56,000. Finally, Sherman Asset Management Inc. acquired a new stake in SBA Communications during the 4th quarter worth approximately $73,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SBAC shares. StockNews.com cut shares of SBA Communications from a "buy" rating to a "hold" rating in a research note on Wednesday. BMO Capital Markets reiterated a "market perform" rating and issued a $230.00 price target (down from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. JMP Securities assumed coverage on SBA Communications in a research note on Monday, January 27th. They set an "outperform" rating and a $250.00 price objective on the stock. Barclays upped their target price on SBA Communications from $240.00 to $244.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. Finally, Citizens Jmp upgraded SBA Communications to a "strong-buy" rating in a research report on Monday, January 27th. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $251.92.

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Insider Activity at SBA Communications

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction that occurred on 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 in the company, 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 document filed with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by company insiders.

SBA Communications Price Performance

Shares of NASDAQ SBAC traded down $10.96 during mid-day trading on Friday, hitting $219.91. 2,220,135 shares of the stock traded hands, compared to its average volume of 876,984. The firm has a 50 day simple moving average of $213.48 and a two-hundred day simple moving average of $218.63. The company has a market cap of $23.67 billion, a PE ratio of 34.69, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $252.64.

SBA Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were paid a $1.11 dividend. This is a boost from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date was Thursday, March 13th. This represents a $4.44 annualized dividend and a dividend yield of 2.02%. SBA Communications's dividend payout ratio is presently 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.