Legal & General Group Plc reduced its holdings in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 12.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,289,490 shares of the technology company's stock after selling 183,842 shares during the quarter. Legal & General Group Plc owned approximately 1.20% of SBA Communications worth $262,798,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the business. Evermay Wealth Management LLC bought a new position in SBA Communications during the 4th quarter worth approximately $27,000. Graney & King LLC bought a new position in SBA Communications during the fourth quarter worth $29,000. Oakworth Capital Inc. lifted its holdings in SBA Communications by 161.8% in the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock valued at $47,000 after buying an additional 144 shares during the period. CKW Financial Group bought a new stake in SBA Communications in the fourth quarter worth approximately $56,000. Finally, Sherman Asset Management Inc. acquired a new position in SBA Communications in the fourth quarter valued at approximately $73,000. Institutional investors own 97.35% of the company's stock.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on the stock. StockNews.com raised shares of SBA Communications from a "hold" rating to a "buy" rating in a research note on Thursday. Citizens Jmp raised SBA Communications to a "strong-buy" rating in a research report on Monday, January 27th. Barclays increased their price target on SBA Communications from $240.00 to $244.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Wells Fargo & Company upped their target price on SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 26th. Finally, Morgan Stanley initiated coverage on SBA Communications in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 target price on the stock. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $251.92.
Read Our Latest Stock Analysis on SBA Communications
Insider Activity
In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the stock in a transaction dated 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 transaction, the vice president now owns 6,079 shares in the company, valued at $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.30% of the company's stock.
SBA Communications Stock Performance
SBAC stock traded up $4.88 during mid-day trading on Monday, hitting $224.06. The company had a trading volume of 208,252 shares, compared to its average volume of 890,946. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $252.64. The stock's fifty day moving average price is $215.23 and its two-hundred day moving average price is $217.31. The firm has a market cap of $24.11 billion, a PE ratio of 35.34, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83.
SBA Communications Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were given 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 yield of 1.98%. The ex-dividend date was Thursday, March 13th. SBA Communications's dividend payout ratio (DPR) is currently 63.98%.
SBA Communications Company Profile
(
Free Report)
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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