ExodusPoint Capital Management LP decreased its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 63.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,109 shares of the technology company's stock after selling 104,130 shares during the period. ExodusPoint Capital Management LP owned 0.06% of SBA Communications worth $12,454,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Evermay Wealth Management LLC acquired a new position in shares of SBA Communications during the 4th quarter worth about $27,000. Graney & King LLC bought a new position in SBA Communications during the fourth quarter worth about $29,000. Oakworth Capital Inc. increased its position in SBA Communications by 161.8% during the fourth 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 last quarter. CKW Financial Group bought a new stake in SBA Communications in the fourth quarter valued at approximately $56,000. Finally, Sherman Asset Management Inc. acquired a new stake in shares of SBA Communications in the fourth quarter valued at approximately $73,000. Institutional investors and hedge funds own 97.35% of the company's stock.
SBA Communications Stock Up 1.7 %
NASDAQ:SBAC traded up $3.57 during midday trading on Wednesday, hitting $212.14. The company had a trading volume of 1,931,094 shares, compared to its average volume of 890,403. The stock's fifty day moving average price is $214.51 and its 200-day moving average price is $217.79. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $252.64. The company has a market capitalization of $22.83 billion, a PE ratio of 33.46, a P/E/G ratio of 0.74 and a beta of 0.83.
SBA Communications Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date was Thursday, March 13th. This is a positive change from SBA Communications's previous quarterly dividend of $0.98. SBA Communications's payout ratio is 63.98%.
Analyst Ratings Changes
A number of analysts have recently issued reports on the stock. JMP Securities started coverage on shares of SBA Communications in a research note on Monday, January 27th. They set an "outperform" rating and a $250.00 target price for the company. Morgan Stanley began coverage on SBA Communications in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 target price on the stock. Royal Bank of Canada reissued an "outperform" rating and set a $255.00 price target on shares of SBA Communications in a report on Monday, February 24th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $230.00 price objective (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Finally, StockNews.com downgraded SBA Communications from a "buy" rating to a "hold" rating in a report on Wednesday, April 2nd. Six investment 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 currently has an average rating of "Moderate Buy" and a consensus target price of $251.92.
Get Our Latest Research Report on SBA Communications
Insider Buying and Selling
In related news, VP Joshua Koenig sold 2,209 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $224.18, for a total value of $495,213.62. Following the sale, the vice president now directly owns 6,079 shares of the company's stock, valued at $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is owned by corporate insiders.
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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