SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Westpac Banking Corp

Westpac Banking Corp decreased its position in SBA Communications Co. (NASDAQ:SBAC) by 1.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 3,139 shares of the technology company’s stock after selling 48 shares during the period. Westpac Banking Corp’s holdings in SBA Communications were worth $640,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Evermay Wealth Management LLC bought a new position in SBA Communications in the 4th quarter worth approximately $27,000. Graney & King LLC acquired a new position in SBA Communications during the 4th quarter worth $29,000. Oakworth Capital Inc. grew its stake in shares of SBA Communications by 161.8% in the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after purchasing an additional 144 shares in the last quarter. CKW Financial Group acquired a new position in shares of SBA Communications during the fourth quarter valued at $56,000. Finally, Versant Capital Management Inc raised its stake in shares of SBA Communications by 17.3% during the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock valued at $73,000 after purchasing an additional 53 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

Insider Transactions at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction on Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the sale, the vice president now owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. The trade was a 26.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SBAC shares. Barclays increased their target price 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. BMO Capital Markets reissued a “market perform” rating and set a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Wells Fargo & Company lifted their target price on SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. StockNews.com downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, JMP Securities initiated coverage on shares of SBA Communications in a research note on Monday, January 27th. They issued an “outperform” rating and a $250.00 price objective on the stock. Six equities research 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $251.92.

SBA Communications Price Performance

SBAC opened at $219.91 on Friday. The company has a market capitalization of $23.67 billion, a PE ratio of 34.69, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $252.64. The business has a 50-day moving average of $213.48 and a 200-day moving average of $218.81.

SBA Communications Increases Dividend

The firm 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. The ex-dividend date of this dividend was Thursday, March 13th. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 dividend on an annualized basis and a yield of 2.02%. SBA Communications’s payout ratio is 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.