FIL Ltd Grows Position in SBA Communications Co. (NASDAQ:SBAC)

FIL Ltd boosted its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 1,133.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,089 shares of the technology company's stock after purchasing an additional 14,785 shares during the period. FIL Ltd's holdings in SBA Communications were worth $3,279,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Evermay Wealth Management LLC purchased a new position in shares of SBA Communications in the 4th quarter worth $27,000. Graney & King LLC purchased a new stake in shares of SBA Communications during the 4th quarter valued at about $29,000. Oakworth Capital Inc. lifted its stake 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 worth $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 approximately $56,000. Finally, Versant Capital Management Inc increased its holdings in SBA Communications by 17.3% during the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company's stock valued at $73,000 after buying an additional 53 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

SBAC has been the subject of several analyst reports. 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 objective for the company. StockNews.com upgraded shares of SBA Communications from a "hold" rating to a "buy" rating in a research note on Thursday, April 10th. Barclays upped their target price on shares of SBA Communications from $240.00 to $244.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Citizens Jmp raised SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. Finally, BMO Capital Markets restated 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. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $251.92.

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Insider Activity at SBA Communications

In other news, VP Joshua Koenig sold 2,209 shares of the firm'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 value of $495,213.62. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is owned by insiders.

SBA Communications Trading Up 0.1 %

SBAC traded up $0.14 during trading hours on Tuesday, hitting $224.87. The company's stock had a trading volume of 747,400 shares, compared to its average volume of 892,650. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $252.64. The business's 50-day moving average price is $216.05 and its 200-day moving average price is $217.26. The stock has a market cap of $24.20 billion, a price-to-earnings ratio of 35.47, a P/E/G ratio of 0.74 and a beta of 0.83.

SBA Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 1.97%. This is a boost from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date was Thursday, March 13th. SBA Communications's dividend payout ratio is currently 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.