SBA Communications Co. (NASDAQ:SBAC) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. boosted its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 12.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 114,927 shares of the technology company's stock after purchasing an additional 12,645 shares during the period. Franklin Resources Inc. owned approximately 0.11% of SBA Communications worth $23,422,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. State Street Corp grew its holdings in shares of SBA Communications by 1.8% during the third quarter. State Street Corp now owns 4,643,527 shares of the technology company's stock valued at $1,117,697,000 after buying an additional 81,566 shares during the last quarter. JPMorgan Chase & Co. lifted its position in 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 period. Diamond Hill Capital Management Inc. grew its stake in SBA Communications by 8.3% during the 4th 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 during the last quarter. Victory Capital Management Inc. increased its holdings in shares of SBA Communications by 46.5% in 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 position in shares of SBA Communications in the fourth quarter worth about $268,287,000. Institutional investors and hedge funds own 97.35% of the company's stock.

Remove Ads

Insiders Place Their Bets

In other news, VP Joshua Koenig sold 2,209 shares of the business's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the sale, the vice president now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is currently owned by company insiders.

SBA Communications Stock Up 3.3 %

Shares of SBA Communications stock traded up $6.98 on Friday, reaching $219.18. The company's stock had a trading volume of 1,118,075 shares, compared to its average volume of 893,377. The company has a market capitalization of $23.59 billion, a P/E ratio of 34.57, a PEG ratio of 0.74 and a beta of 0.83. The stock has a 50-day moving average price of $215.23 and a 200-day moving average price of $217.44. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $252.64.

SBA Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were issued a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend 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 presently 63.98%.

Analyst Ratings Changes

SBAC has been the topic of a number of recent research reports. JMP Securities assumed coverage on SBA Communications in a research report on Monday, January 27th. They issued an "outperform" rating and a $250.00 target price on the stock. Wells Fargo & Company upped their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a report on Wednesday, February 26th. Morgan Stanley initiated coverage on shares of SBA Communications in a report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 target price for the company. Barclays upped their price target on shares of SBA Communications from $240.00 to $244.00 and gave the company an "overweight" rating in a report on Friday, March 21st. Finally, StockNews.com upgraded SBA Communications from a "hold" rating to a "buy" rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $251.92.

SBA Communications 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.