Arrowstreet Capital Limited Partnership Sells 14,418 Shares of SBA Communications Co. (NASDAQ:SBAC)

Arrowstreet Capital Limited Partnership trimmed its holdings in SBA Communications Co. (NASDAQ:SBAC) by 16.5% in the 4th quarter, Holdings Channel reports. The fund owned 72,933 shares of the technology company’s stock after selling 14,418 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in SBA Communications were worth $14,864,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SBAC. State Street Corp grew its holdings in SBA Communications by 1.8% in the third quarter. State Street Corp now owns 4,643,527 shares of the technology company’s stock worth $1,117,697,000 after purchasing an additional 81,566 shares during the period. JPMorgan Chase & Co. boosted its position in shares of SBA Communications by 16.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock worth $1,024,049,000 after purchasing an additional 605,872 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in shares of SBA Communications by 8.3% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company’s stock worth $379,290,000 after buying an additional 142,054 shares during the last quarter. Victory Capital Management Inc. increased its position in SBA Communications by 46.5% during 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 in the last quarter. Finally, Norges Bank purchased a new position in SBA Communications during the fourth quarter valued at $268,287,000. 97.35% of the stock is currently owned by institutional investors.

Insider Transactions at SBA Communications

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were 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 approximately $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.

SBA Communications Price Performance

Shares of SBAC opened at $219.91 on Friday. SBA Communications Co. has a one year low of $183.64 and a one year high of $252.64. The business has a fifty day moving average of $213.48 and a 200 day moving average of $218.81. The firm has a market capitalization of $23.67 billion, a P/E ratio of 34.69, a PEG ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were given a dividend of $1.11 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.44 annualized dividend and a dividend yield of 2.02%. 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%.

Analysts Set New Price Targets

A number of research firms have recently commented on SBAC. Royal Bank of Canada reissued an “outperform” rating and issued a $255.00 target price on shares of SBA Communications in a research note on Monday, February 24th. Barclays increased their price objective 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. Morgan Stanley started coverage on shares of SBA Communications in a report on Tuesday. They issued an “equal weight” rating and a $240.00 target price for the company. BMO Capital Markets reiterated a “market perform” rating and set a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Finally, Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $251.92.

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.