SBA Communications Co. (NASDAQ:SBAC) Shares Bought by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. lifted its position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 50.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 81,418 shares of the technology company's stock after buying an additional 27,281 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 0.08% of SBA Communications worth $16,593,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Dodge & Cox raised its stake in shares of SBA Communications by 352.5% in the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after acquiring an additional 5,722,740 shares during the period. JPMorgan Chase & Co. increased its holdings in 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. Geode Capital Management LLC raised its position in SBA Communications by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock valued at $586,827,000 after purchasing an additional 71,023 shares during the period. Cohen & Steers Inc. raised its position in SBA Communications by 29.8% in the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock valued at $383,762,000 after purchasing an additional 432,644 shares during the period. Finally, Diamond Hill Capital Management Inc. lifted its stake in shares of SBA Communications by 8.3% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company's stock worth $379,290,000 after purchasing an additional 142,054 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on SBAC. JMP Securities began coverage on SBA Communications in a report on Monday, January 27th. They set an "outperform" rating and a $250.00 target price on the stock. Barclays lifted their price objective on shares of SBA Communications from $240.00 to $244.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. StockNews.com downgraded shares of SBA Communications from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $255.00 price target on shares of SBA Communications in a report on Monday, February 24th. Finally, Wells Fargo & Company boosted their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, SBA Communications currently has an average rating of "Moderate Buy" and a consensus price target of $251.92.

Insider Buying and Selling

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the firm's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the transaction, the vice president now owns 6,079 shares of the company's stock, 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 legal filing with the SEC, which is available at this link. 0.92% of the stock is currently owned by company insiders.

SBA Communications Stock Down 0.3 %

Shares of SBA Communications stock opened at $222.09 on Monday. The business has a 50-day moving average price of $219.14 and a 200 day moving average price of $216.43. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $252.64. The firm has a market cap of $23.90 billion, a P/E ratio of 35.03, a P/E/G ratio of 0.74 and a beta of 0.83.

SBA Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.00%. This is an increase from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date was Thursday, March 13th. SBA Communications's payout ratio is 63.98%.

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.

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