Cypress Capital Group Trims Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Cypress Capital Group lessened its holdings in SBA Communications Co. (NASDAQ:SBAC) by 1.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,075 shares of the technology company’s stock after selling 91 shares during the period. Cypress Capital Group’s holdings in SBA Communications were worth $1,034,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. State Street Corp lifted its holdings in shares of SBA Communications by 1.8% in the third quarter. State Street Corp now owns 4,643,527 shares of the technology company’s stock valued at $1,117,697,000 after purchasing an additional 81,566 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of SBA Communications by 16.6% in the third 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. Victory Capital Management Inc. lifted its holdings in shares of SBA Communications by 46.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company’s stock valued at $363,015,000 after purchasing an additional 565,137 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of SBA Communications by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company’s stock valued at $266,675,000 after purchasing an additional 38,725 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of SBA Communications by 377.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock valued at $213,353,000 after purchasing an additional 700,791 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SBAC shares. Barclays reduced their price objective on shares of SBA Communications from $254.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, February 20th. BMO Capital Markets reissued a “market perform” rating and set a $230.00 price objective (down previously from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. StockNews.com downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $253.07.

Insider Transactions at SBA Communications

In other news, EVP Donald Day sold 2,321 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $203.43, for a total value of $472,161.03. Following the completion of the sale, the executive vice president now owns 4,998 shares of the company’s stock, valued at $1,016,743.14. This represents a 31.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark R. Ciarfella sold 3,545 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $224.33, for a total transaction of $795,249.85. Following the completion of the sale, the executive vice president now directly owns 33,588 shares of the company’s stock, valued at $7,534,796.04. The trade was a 9.55 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

SBA Communications Stock Performance

Shares of SBAC stock opened at $220.38 on Thursday. SBA Communications Co. has a one year low of $183.64 and a one year high of $252.64. The company has a 50 day moving average price of $204.87 and a 200 day moving average price of $220.48. The firm has a market capitalization of $23.70 billion, a price-to-earnings ratio of 34.76, a price-to-earnings-growth ratio of 0.74 and a beta of 0.69.

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 given 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 positive change from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s dividend payout ratio is presently 63.98%.

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.