Barclays Forecasts Strong Price Appreciation for SBA Communications (NASDAQ:SBAC) Stock

SBA Communications (NASDAQ:SBAC - Free Report) had its target price boosted by Barclays from $240.00 to $244.00 in a research report released on Friday morning,Benzinga reports. Barclays currently has an overweight rating on the technology company's stock.

Several other equities research analysts also recently weighed in on SBAC. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $255.00 price target on shares of SBA Communications in a research note on Monday, February 24th. Citizens Jmp raised SBA Communications to a "strong-buy" rating in a research report on Monday, January 27th. Wells Fargo & Company boosted 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 note on Wednesday, February 26th. StockNews.com downgraded shares of SBA Communications from a "buy" rating to a "hold" rating in a research report on Thursday, February 20th. Finally, BMO Capital Markets restated a "market perform" rating and issued a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Five research 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 stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $252.85.

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SBA Communications Trading Down 1.3 %

NASDAQ SBAC traded down $2.95 during trading hours on Friday, hitting $218.69. 747,347 shares of the company's stock were exchanged, compared to its average volume of 848,879. The firm has a market cap of $23.53 billion, a price-to-earnings ratio of 34.49, a PEG ratio of 0.74 and a beta of 0.74. The stock has a 50-day simple moving average of $209.59 and a 200 day simple moving average of $220.01. SBA Communications has a 1-year low of $183.64 and a 1-year high of $252.64.

SBA Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be issued a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.03%. This is an increase from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Thursday, March 13th. SBA Communications's dividend payout ratio (DPR) is presently 63.98%.

Insider Activity

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 stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On SBA Communications

Several institutional investors have recently modified their holdings of SBAC. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in SBA Communications in the third quarter valued at approximately $1,418,000. PNC Financial Services Group Inc. boosted its holdings in shares of SBA Communications by 11.3% during the third quarter. PNC Financial Services Group Inc. now owns 17,742 shares of the technology company's stock worth $4,270,000 after purchasing an additional 1,799 shares during the period. Jennison Associates LLC bought a new stake in shares of SBA Communications in the third quarter worth about $1,693,000. Citizens Financial Group Inc. RI purchased a new position in SBA Communications during the 3rd quarter valued at about $4,814,000. Finally, King Luther Capital Management Corp raised its position in SBA Communications by 1.2% during the 3rd quarter. King Luther Capital Management Corp now owns 29,040 shares of the technology company's stock valued at $6,990,000 after purchasing an additional 341 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

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.