Renasant Bank Takes Position in SBA Communications Co. (NASDAQ:SBAC)

Renasant Bank acquired a new position in SBA Communications Co. (NASDAQ:SBAC - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,829 shares of the technology company's stock, valued at approximately $577,000.

Several other institutional investors also recently bought and sold shares of the company. LBP AM SA boosted its holdings in shares of SBA Communications by 20.6% during the 4th quarter. LBP AM SA now owns 93,032 shares of the technology company's stock worth $18,960,000 after purchasing an additional 15,884 shares during the last quarter. Vestcor Inc boosted its holdings in shares of SBA Communications by 3.1% during the 4th quarter. Vestcor Inc now owns 37,849 shares of the technology company's stock worth $7,714,000 after purchasing an additional 1,148 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of SBA Communications by 1,101.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,093 shares of the technology company's stock worth $223,000 after purchasing an additional 1,002 shares during the last quarter. HighTower Advisors LLC boosted its holdings in shares of SBA Communications by 0.8% during the 4th quarter. HighTower Advisors LLC now owns 46,627 shares of the technology company's stock worth $9,503,000 after purchasing an additional 375 shares during the last quarter. Finally, Wealthfront Advisers LLC boosted its holdings in shares of SBA Communications by 23,553.0% during the 4th quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company's stock worth $229,648,000 after purchasing an additional 1,122,064 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

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Insider Buying and Selling

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the company's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the transaction, the vice president now owns 6,079 shares in the company, valued at $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Donald Day sold 2,321 shares of the company's stock in a transaction 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 completion of the transaction, the executive vice president now owns 4,998 shares of the company's stock, valued at $1,016,743.14. This represents a 31.71 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company's stock.

SBA Communications Trading Up 1.0 %

Shares of SBAC stock traded up $2.25 on Tuesday, reaching $223.15. 750,938 shares of the stock were exchanged, compared to its average volume of 847,670. The business's 50 day moving average price is $207.64 and its 200 day moving average price is $220.23. The company has a market capitalization of $24.01 billion, a price-to-earnings ratio of 35.20, a PEG ratio of 0.74 and a beta of 0.74. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $252.64.

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 paid a dividend of $1.11 per share. The ex-dividend date is Thursday, March 13th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.99%. This is an increase from SBA Communications's previous quarterly dividend of $0.98. SBA Communications's payout ratio is presently 63.98%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SBAC. Citizens Jmp raised shares of SBA Communications to a "strong-buy" rating in a research report on Monday, January 27th. Wells Fargo & Company lifted their price target on shares of SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 26th. Barclays reduced their price target on shares of SBA Communications from $254.00 to $240.00 and set an "overweight" rating on the stock in a research report on Thursday, February 20th. JMP Securities began 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, 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. Five research 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, SBA Communications presently has a consensus rating of "Moderate Buy" and a consensus price target of $252.54.

SBA Communications Company 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.