Geode Capital Management LLC Buys 71,023 Shares of SBA Communications Co. (NASDAQ:SBAC)

Geode Capital Management LLC grew its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 2.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,886,158 shares of the technology company's stock after buying an additional 71,023 shares during the period. Geode Capital Management LLC owned approximately 2.68% of SBA Communications worth $586,827,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of SBA Communications during the 4th quarter worth about $268,287,000. Wealthfront Advisers LLC raised its position in SBA Communications by 23,553.0% during the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company's stock valued at $229,648,000 after purchasing an additional 1,122,064 shares in the last quarter. JPMorgan Chase & Co. boosted its position in SBA Communications by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock valued at $1,024,049,000 after buying an additional 605,872 shares in the last quarter. Victory Capital Management Inc. boosted its position in SBA Communications by 46.5% during the 4th quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company's stock worth $363,015,000 after buying an additional 565,137 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of SBA Communications by 39.6% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,100,724 shares of the technology company's stock valued at $224,328,000 after buying an additional 312,125 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

SBA Communications Trading Up 1.7 %

SBA Communications stock traded up $3.57 during trading on Wednesday, hitting $212.14. 1,931,094 shares of the company were exchanged, compared to its average volume of 890,403. The company has a market capitalization of $22.83 billion, a P/E ratio of 33.46, a PEG ratio of 0.74 and a beta of 0.83. The business's 50 day moving average is $214.51 and its 200 day moving average is $217.79. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $252.64.

SBA Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were issued a dividend of $1.11 per share. The ex-dividend date of this dividend was Thursday, March 13th. This is a boost from SBA Communications's previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a yield of 2.09%. SBA Communications's payout ratio is 63.98%.

Insiders Place Their Bets

In other 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 value of $495,213.62. Following the transaction, the vice president now owns 6,079 shares in the company, valued at $1,362,790.22. The trade was a 26.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. StockNews.com cut SBA Communications from a "buy" rating to a "hold" rating in a report on Wednesday, April 2nd. Wells Fargo & Company increased their target price on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 26th. Barclays lifted their price target on shares of SBA Communications from $240.00 to $244.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. BMO Capital Markets reissued a "market perform" rating and set a $230.00 price objective (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Finally, Citizens Jmp raised SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $251.92.

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.