Corebridge Financial Inc. Lowers Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Corebridge Financial Inc. decreased its position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 5.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,459 shares of the technology company's stock after selling 1,502 shares during the period. Corebridge Financial Inc.'s holdings in SBA Communications were worth $5,189,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Oak Thistle LLC raised its stake in SBA Communications by 76.1% during the 4th quarter. Oak Thistle LLC now owns 6,623 shares of the technology company's stock valued at $1,350,000 after purchasing an additional 2,863 shares during the period. Czech National Bank raised its position in shares of SBA Communications by 6.5% during the fourth quarter. Czech National Bank now owns 23,314 shares of the technology company's stock valued at $4,751,000 after buying an additional 1,421 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of SBA Communications by 14,529.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 251,328 shares of the technology company's stock worth $60,495,000 after buying an additional 249,610 shares in the last quarter. First Hawaiian Bank boosted its position in shares of SBA Communications by 91.0% during the fourth quarter. First Hawaiian Bank now owns 12,377 shares of the technology company's stock worth $2,522,000 after acquiring an additional 5,897 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in SBA Communications by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company's stock worth $266,675,000 after purchasing an additional 38,725 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

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Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SBAC. BMO Capital Markets restated a "market perform" rating and set a $230.00 price objective (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. StockNews.com raised shares of SBA Communications from a "hold" rating to a "buy" rating in a research note on Tuesday, March 25th. Citizens Jmp raised SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. Finally, Barclays raised their price objective on SBA Communications from $240.00 to $244.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $251.92.

SBA Communications Price Performance

Shares of NASDAQ:SBAC traded up $0.41 on Tuesday, hitting $220.42. 670,930 shares of the company's stock were exchanged, compared to its average volume of 872,184. The business's 50 day simple moving average is $211.64 and its two-hundred day simple moving average is $219.06. The stock has a market capitalization of $23.72 billion, a price-to-earnings ratio of 34.77, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $252.64.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were given a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.01%. This is a boost from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Thursday, March 13th. SBA Communications's payout ratio is 63.98%.

Insiders Place Their Bets

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction 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 completion of the sale, the vice president now directly owns 6,079 shares of the company's stock, valued at $1,362,790.22. The trade was a 26.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.30% of the company's stock.

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.