Wells Fargo & Company MN trimmed its holdings in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 58.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 144,997 shares of the technology company's stock after selling 207,201 shares during the period. Wells Fargo & Company MN owned 0.13% of SBA Communications worth $29,550,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in SBA Communications during the 4th quarter valued at approximately $268,287,000. Wealthfront Advisers LLC lifted its holdings in shares of SBA Communications by 23,553.0% during the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company's stock worth $229,648,000 after purchasing an additional 1,122,064 shares during the period. JPMorgan Chase & Co. grew its position 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 buying an additional 605,872 shares during the last quarter. Victory Capital Management Inc. increased its stake in SBA Communications by 46.5% in the 4th quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company's stock valued at $363,015,000 after buying an additional 565,137 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its position in SBA Communications by 39.6% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,100,724 shares of the technology company's stock worth $224,328,000 after buying an additional 312,125 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.
SBA Communications Price Performance
NASDAQ:SBAC traded up $0.14 on Tuesday, reaching $224.87. The stock had a trading volume of 747,400 shares, compared to its average volume of 892,750. The company has a market cap of $24.20 billion, a price-to-earnings ratio of 35.47, a P/E/G ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $252.64. The firm's fifty day moving average is $215.66 and its two-hundred day moving average is $217.21.
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 paid a $1.11 dividend. This is a boost from SBA Communications's previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a yield of 1.97%. The ex-dividend date was Thursday, March 13th. SBA Communications's payout ratio is presently 63.98%.
Insiders Place Their Bets
In other news, VP Joshua Koenig sold 2,209 shares of the firm's 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 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 Securities & Exchange Commission, which is available through this link. 1.30% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of analysts recently weighed in on the company. Wells Fargo & Company lifted their price target on SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 26th. Morgan Stanley initiated coverage on shares of SBA Communications in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 price target on the stock. Citizens Jmp raised shares of SBA Communications to a "strong-buy" rating in a report on Monday, January 27th. Barclays lifted their price target on shares of SBA Communications from $240.00 to $244.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. Finally, StockNews.com raised SBA Communications from a "hold" rating to a "buy" rating in a research note on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $251.92.
Get Our Latest Report on SBA Communications
SBA Communications 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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