SBA Communications Co. (NASDAQ:SBAC) Stake Lowered by Pitcairn Co.

Pitcairn Co. trimmed its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 2.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,763 shares of the technology company’s stock after selling 94 shares during the quarter. Pitcairn Co.’s holdings in SBA Communications were worth $767,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SBAC. FMR LLC boosted its holdings in shares of SBA Communications by 18.1% during the third quarter. FMR LLC now owns 387,967 shares of the technology company’s stock valued at $93,384,000 after acquiring an additional 59,368 shares during the period. HighTower Advisors LLC boosted its stake in SBA Communications by 1.4% during the 3rd quarter. HighTower Advisors LLC now owns 46,252 shares of the technology company’s stock valued at $11,062,000 after purchasing an additional 655 shares during the period. Quarry LP bought a new position in SBA Communications in the 3rd quarter worth about $136,000. Quantinno Capital Management LP increased its stake in shares of SBA Communications by 31.4% in the third quarter. Quantinno Capital Management LP now owns 28,766 shares of the technology company’s stock valued at $6,924,000 after purchasing an additional 6,882 shares during the period. Finally, State Street Corp raised its holdings in shares of SBA Communications by 1.8% during 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 buying an additional 81,566 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Trading Down 4.7 %

NASDAQ SBAC opened at $219.91 on Friday. The company has a market cap 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. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $252.64. The company has a fifty day simple moving average of $213.48 and a 200 day simple moving average of $218.81.

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 $1.11 dividend. This is an increase from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Thursday, March 13th. SBA Communications’s dividend payout ratio (DPR) is currently 63.98%.

Wall Street Analyst Weigh In

SBAC has been the topic of several analyst reports. Barclays raised their target price on SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Royal Bank of Canada restated an “outperform” rating and set a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. Morgan Stanley started coverage on shares of SBA Communications in a research report on Tuesday. They issued an “equal weight” rating and a $240.00 target price for the company. Wells Fargo & Company boosted their price target on shares of SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $230.00 price objective (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $251.92.

Insider Transactions at SBA Communications

In other news, VP Joshua Koenig sold 2,209 shares of the firm’s 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 sale, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

SBA Communications Profile

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.