Raymond James Financial Inc. Takes $20.77 Million Position in SBA Communications Co. (NASDAQ:SBAC)

Raymond James Financial Inc. purchased a new stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 101,892 shares of the technology company's stock, valued at approximately $20,765,000. Raymond James Financial Inc. owned about 0.09% of SBA Communications at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised 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 period. JPMorgan Chase & Co. raised its position in shares of 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 purchasing an additional 605,872 shares during the period. Victory Capital Management Inc. raised its position 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. KBC Group NV raised its position in shares of SBA Communications by 212.3% in the fourth quarter. KBC Group NV now owns 410,023 shares of the technology company's stock valued at $83,562,000 after purchasing an additional 278,737 shares during the period. Finally, Barclays PLC raised its position in shares of SBA Communications by 71.0% in the third quarter. Barclays PLC now owns 658,029 shares of the technology company's stock valued at $158,386,000 after purchasing an additional 273,237 shares during the period. Institutional investors and hedge funds own 97.35% of the company's stock.

Remove Ads

SBA Communications Stock Performance

Shares of SBAC traded up $1.07 during mid-day trading on Thursday, reaching $220.86. The company had a trading volume of 396,376 shares, compared to its average volume of 847,938. The company's 50 day simple moving average is $208.59 and its 200 day simple moving average is $220.20. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $252.64. The company has a market capitalization of $23.77 billion, a price-to-earnings ratio of 34.84, a P/E/G ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be paid a $1.11 dividend. This is an increase from SBA Communications's previous quarterly dividend of $0.98. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend is Thursday, March 13th. SBA Communications's dividend payout ratio (DPR) is presently 63.98%.

Insider Activity

In related news, 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 sale, the executive vice president now directly owns 4,998 shares in the company, valued at $1,016,743.14. This trade represents a 31.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 sale, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SBAC has been the topic of a number of recent research reports. Wells Fargo & Company raised their price target on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 26th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $255.00 price target on shares of SBA Communications in a research report on Monday, February 24th. StockNews.com lowered shares of SBA Communications from a "buy" rating to a "hold" rating in a research report on Thursday, February 20th. JMP Securities initiated coverage on shares of SBA Communications in a research report on Monday, January 27th. They set an "outperform" rating and a $250.00 price target on the stock. Finally, BMO Capital Markets reaffirmed a "market perform" rating and set a $230.00 price target (down 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, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $252.54.

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.