Federated Hermes Inc. Boosts Holdings in SBA Communications Co. (NASDAQ:SBAC)

Federated Hermes Inc. increased its holdings in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 3.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 94,306 shares of the technology company's stock after buying an additional 3,567 shares during the quarter. Federated Hermes Inc. owned 0.09% of SBA Communications worth $19,220,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its stake in shares of SBA Communications by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock worth $1,024,049,000 after acquiring an additional 605,872 shares during the last quarter. Geode Capital Management LLC lifted its position in SBA Communications by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock valued at $586,827,000 after purchasing an additional 71,023 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its position in SBA Communications by 8.3% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company's stock valued at $379,290,000 after purchasing an additional 142,054 shares in the last quarter. Victory Capital Management Inc. grew its holdings in SBA Communications by 46.5% during the fourth quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company's stock valued at $363,015,000 after purchasing an additional 565,137 shares during the period. Finally, Norges Bank purchased a new stake in SBA Communications in the fourth quarter worth about $268,287,000. 97.35% of the stock is currently owned by institutional investors.

Remove Ads

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SBAC shares. StockNews.com raised SBA Communications from a "hold" rating to a "buy" rating in a research report on Thursday. JMP Securities began coverage on shares of SBA Communications in a research 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 price objective on shares of SBA Communications in a research report on Monday, February 24th. Morgan Stanley began coverage on shares of SBA Communications in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 target price on the stock. Finally, Citizens Jmp upgraded SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $251.92.

Insider Activity

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the business'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 sale, the vice president now directly owns 6,079 shares of the company's stock, valued at $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.30% of the company's stock.

SBA Communications Stock Performance

Shares of SBAC traded up $4.38 during mid-day trading on Monday, hitting $223.56. 160,097 shares of the stock were exchanged, compared to its average volume of 890,719. The company has a market cap of $24.06 billion, a PE ratio of 35.26, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $252.64. The firm has a 50-day moving average of $215.23 and a two-hundred day moving average of $217.31.

SBA Communications Increases Dividend

The firm also recently disclosed 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 a boost from SBA Communications's previous quarterly dividend of $0.98. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Thursday, March 13th. SBA Communications's dividend payout ratio (DPR) is presently 63.98%.

About SBA Communications

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.