New York Life Investment Management LLC Reduces Stock Position in SBA Communications Co. (NASDAQ:SBAC)

New York Life Investment Management LLC lessened its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 62.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,999 shares of the technology company's stock after selling 27,099 shares during the period. New York Life Investment Management LLC's holdings in SBA Communications were worth $3,261,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. State Street Corp grew its stake in SBA Communications by 1.8% in 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 in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of SBA Communications by 16.6% in 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 purchasing an additional 605,872 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of SBA Communications by 5.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company's stock valued at $305,637,000 after purchasing an additional 62,555 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of SBA Communications by 2,821.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company's stock valued at $292,714,000 after purchasing an additional 1,174,469 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of SBA Communications by 377.6% in the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

Insider Buying and Selling

In related news, EVP Donald Day sold 2,321 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $203.43, for a total transaction of $472,161.03. Following the sale, the executive vice president now directly owns 4,998 shares of the company's stock, valued at approximately $1,016,743.14. This represents a 31.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark R. Ciarfella sold 3,545 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $224.33, for a total transaction of $795,249.85. Following the sale, the executive vice president now directly owns 33,588 shares in the company, valued at $7,534,796.04. This trade represents a 9.55 % 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.

Analyst Ratings Changes

SBAC has been the subject of a number of research reports. Citizens Jmp raised shares of SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. StockNews.com cut shares of SBA Communications from a "buy" rating to a "hold" rating in a research note on Thursday, February 20th. Barclays cut their price objective on shares of SBA Communications from $254.00 to $240.00 and set an "overweight" rating for the company in a research note on Thursday, February 20th. 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 research note on Wednesday, February 26th. Finally, BMO Capital Markets reissued a "market perform" rating and set a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $253.07.

SBA Communications Stock Performance

Shares of SBA Communications stock traded up $3.61 during trading on Monday, hitting $221.51. The company's stock had a trading volume of 629,560 shares, compared to its average volume of 850,346. The company has a fifty day simple moving average of $204.17 and a two-hundred day simple moving average of $220.47. The company has a market capitalization of $23.82 billion, a PE ratio of 34.94, a P/E/G ratio of 0.74 and a beta of 0.69. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $252.64.

SBA Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be paid a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 2.00%. This is a positive change from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date is 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.