OFI Invest Asset Management Makes New Investment in SBA Communications Co. (NASDAQ:SBAC)

OFI Invest Asset Management purchased a new position in SBA Communications Co. (NASDAQ:SBAC - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,393 shares of the technology company's stock, valued at approximately $865,000.

Several other large investors also recently modified their holdings of SBAC. Victory Capital Management Inc. increased its holdings in shares of SBA Communications by 2,821.5% in the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company's stock worth $292,714,000 after acquiring an additional 1,174,469 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of SBA Communications by 377.6% during 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 worth $213,353,000 after buying an additional 700,791 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of SBA Communications by 16.6% during the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock worth $1,024,049,000 after buying an additional 605,872 shares in the last quarter. KBC Group NV grew its holdings in shares of SBA Communications by 212.3% during the fourth quarter. KBC Group NV now owns 410,023 shares of the technology company's stock worth $83,562,000 after buying an additional 278,737 shares in the last quarter. Finally, Barclays PLC grew its holdings in shares of SBA Communications by 71.0% during the third quarter. Barclays PLC now owns 658,029 shares of the technology company's stock worth $158,386,000 after buying an additional 273,237 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

Remove Ads

Insider Activity

In related news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction that occurred on Friday, March 7th. The stock was 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 directly owns 6,079 shares of the company's stock, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible 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 stock was sold at an average price of $203.43, for a total value 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. The trade was a 31.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.30% of the company's stock.

SBA Communications Trading Down 0.4 %

Shares of SBAC traded down $0.81 during mid-day trading on Thursday, reaching $214.56. The company's stock had a trading volume of 939,294 shares, compared to its average volume of 848,604. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $252.64. The stock has a market cap of $23.09 billion, a P/E ratio of 33.84, a PEG ratio of 0.74 and a beta of 0.74. The business has a 50-day simple moving average of $206.59 and a two-hundred day simple moving average of $220.49.

SBA Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be given a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.07%. This is a boost from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Thursday, March 13th. SBA Communications's dividend payout ratio (DPR) is presently 63.98%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. BMO Capital Markets reiterated a "market perform" rating and set a $230.00 price objective (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Royal Bank of Canada reiterated an "outperform" rating and set a $255.00 price objective on shares of SBA Communications in a report on Monday, February 24th. JMP Securities assumed coverage on SBA Communications in a report on Monday, January 27th. They set an "outperform" rating and a $250.00 price objective for the company. Barclays decreased their price objective on SBA Communications from $254.00 to $240.00 and set an "overweight" rating for the company in a report on Thursday, February 20th. Finally, Wells Fargo & Company raised their price target on SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 26th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $252.54.

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.