Bank of New York Mellon Corp Has $150.03 Million Stake in SBA Communications Co. (NASDAQ:SBAC)

Bank of New York Mellon Corp raised its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 9.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 736,183 shares of the technology company's stock after buying an additional 61,671 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.68% of SBA Communications worth $150,034,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SBAC. Ashton Thomas Securities LLC purchased a new stake in shares of SBA Communications during the 3rd quarter valued at approximately $26,000. Evermay Wealth Management LLC purchased a new stake in SBA Communications in the fourth quarter valued at $27,000. Capital Performance Advisors LLP acquired a new position in shares of SBA Communications in the 3rd quarter valued at $35,000. Oakworth Capital Inc. grew its holdings in shares of SBA Communications by 161.8% during the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock worth $47,000 after purchasing an additional 144 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in shares of SBA Communications by 32.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company's stock worth $52,000 after purchasing an additional 53 shares during the period. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Stock Performance

Shares of SBAC stock traded down $1.06 during mid-day trading on Tuesday, hitting $220.45. 627,895 shares of the stock traded hands, compared to its average volume of 849,556. The firm has a market cap of $23.70 billion, a price-to-earnings ratio of 34.77, a price-to-earnings-growth ratio of 0.74 and a beta of 0.69. The company's 50-day simple moving average is $204.17 and its 200-day simple moving average is $220.47. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $252.64.

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 paid a $1.11 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $4.44 annualized dividend and a dividend yield of 2.01%. This is a boost from SBA Communications's previous quarterly dividend of $0.98. SBA Communications's payout ratio is currently 63.98%.

Analysts Set New Price Targets

Several research firms recently weighed in on SBAC. StockNews.com downgraded shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Thursday, February 20th. BMO Capital Markets reissued a "market perform" rating and set a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. Royal Bank of Canada restated an "outperform" rating and set a $255.00 target price on shares of SBA Communications in a report on Monday, February 24th. Citizens Jmp upgraded shares of SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. Finally, JMP Securities began coverage on shares of SBA Communications in a research note on Monday, January 27th. They issued an "outperform" rating and a $250.00 price objective for the company. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $253.07.

Insider Buying and Selling

In other SBA Communications news, EVP Donald Day sold 2,321 shares of the company's stock in a transaction 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 transaction, the executive vice president now owns 4,998 shares of the company's stock, valued at approximately $1,016,743.14. This represents a 31.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark R. Ciarfella sold 3,545 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $224.33, for a total value of $795,249.85. Following the sale, the executive vice president now owns 33,588 shares of the company's stock, valued at $7,534,796.04. This trade represents a 9.55 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company's stock.

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.