King Luther Capital Management Corp Reduces Stake in SBA Communications Co. (NASDAQ:SBAC)

King Luther Capital Management Corp cut its position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 9.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 26,335 shares of the technology company's stock after selling 2,705 shares during the quarter. King Luther Capital Management Corp's holdings in SBA Communications were worth $5,367,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of SBAC. State Street Corp raised its stake in shares of SBA Communications by 1.8% during the 3rd quarter. State Street Corp now owns 4,643,527 shares of the technology company's stock worth $1,117,697,000 after buying an additional 81,566 shares during the last quarter. JPMorgan Chase & Co. increased its holdings 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 valued at $1,024,049,000 after acquiring an additional 605,872 shares in the last quarter. Victory Capital Management Inc. raised its position 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 worth $363,015,000 after acquiring an additional 565,137 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of SBA Communications by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company's stock valued at $266,675,000 after purchasing an additional 38,725 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of SBA Communications by 377.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company's stock valued at $213,353,000 after purchasing an additional 700,791 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SBAC. BMO Capital Markets restated a "market perform" rating and set a $230.00 price objective (down from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Wells Fargo & Company boosted their price target on SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. Barclays decreased their price objective on SBA Communications from $254.00 to $240.00 and set an "overweight" rating on the stock in a research note on Thursday, February 20th. Citizens Jmp raised shares of SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. Finally, JMP Securities assumed coverage on shares of SBA Communications in a research note on Monday, January 27th. They set an "outperform" rating and a $250.00 price target on the stock. Five 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 stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $252.54.

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Insider Buying and Selling at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of the stock in a transaction that occurred on 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 approximately $1,362,790.22. This represents a 26.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Donald Day sold 2,321 shares of SBA Communications stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $203.43, for a total transaction of $472,161.03. Following the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at approximately $1,016,743.14. This trade represents a 31.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

SBA Communications Stock Down 1.8 %

NASDAQ:SBAC opened at $216.48 on Thursday. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $252.64. The firm's 50 day moving average is $206.59 and its two-hundred day moving average is $220.49. The company has a market cap of $23.30 billion, a P/E ratio of 34.15, a P/E/G ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be issued a $1.11 dividend. The ex-dividend date is Thursday, March 13th. This represents a $4.44 dividend on an annualized basis and a yield of 2.05%. This is a boost from SBA Communications's previous quarterly dividend of $0.98. SBA Communications's dividend payout ratio (DPR) is presently 63.98%.

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.

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