Prudential PLC Purchases 2,382 Shares of SBA Communications Co. (NASDAQ:SBAC)

Prudential PLC lifted its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 4.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,420 shares of the technology company’s stock after acquiring an additional 2,382 shares during the quarter. Prudential PLC’s holdings in SBA Communications were worth $12,314,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SBAC. Norges Bank acquired a new stake in shares of SBA Communications during the 4th quarter worth approximately $268,287,000. Wealthfront Advisers LLC boosted its stake in SBA Communications by 23,553.0% in the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company’s stock valued at $229,648,000 after acquiring an additional 1,122,064 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in SBA Communications by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock worth $1,024,049,000 after acquiring an additional 605,872 shares during the period. Victory Capital Management Inc. raised its position in shares of 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 acquiring an additional 565,137 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of SBA Communications by 39.6% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,100,724 shares of the technology company’s stock valued at $224,328,000 after purchasing an additional 312,125 shares during the period. 97.35% of the stock is owned by institutional investors.

Insider Transactions at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of the business’s stock in a transaction 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 transaction, the vice president now directly owns 6,079 shares in the company, valued at approximately $1,362,790.22. The trade was 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 this hyperlink. Company insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SBAC shares. StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a research note on Wednesday. JMP Securities assumed coverage on SBA Communications in a research note on Monday, January 27th. They issued an “outperform” rating and a $250.00 price target for the company. Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Royal Bank of Canada reiterated an “outperform” rating and issued a $255.00 target price on shares of SBA Communications in a report on Monday, February 24th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, SBA Communications has an average rating of “Moderate Buy” and an average target price of $251.92.

SBA Communications Price Performance

SBAC stock opened at $219.91 on Friday. The stock has a market capitalization of $23.67 billion, a P/E ratio of 34.69, a P/E/G ratio of 0.74 and a beta of 0.74. The business has a 50-day moving average of $213.48 and a 200-day moving average of $218.81. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $252.64.

SBA Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 2.02%. This is an increase from SBA Communications’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Thursday, March 13th. SBA Communications’s dividend payout ratio (DPR) is currently 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.