By otakuyassine3@gmail.com 
M&T Bank Corp trimmed its holdings in SBA Communications Co. (NASDAQ:SBAC – Free Report) by 2.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,314 shares of the technology company’s stock after selling 126 shares during the period. M&T Bank Corp’s holdings in SBA Communications were worth $880,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in SBAC. Farther Finance Advisors LLC raised its holdings in shares of SBA Communications by 32.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock worth $52,000 after purchasing an additional 53 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of SBA Communications by 59.7% during the 3rd quarter. Janney Montgomery Scott LLC now owns 4,041 shares of the technology company’s stock valued at $973,000 after buying an additional 1,511 shares during the period. CWA Asset Management Group LLC purchased a new stake in shares of SBA Communications during the 3rd quarter valued at about $331,000. Assetmark Inc. raised its holdings in shares of SBA Communications by 4,633.3% during the 3rd quarter. Assetmark Inc. now owns 426 shares of the technology company’s stock valued at $103,000 after buying an additional 417 shares during the period. Finally, Ashton Thomas Securities LLC purchased a new stake in shares of SBA Communications during the 3rd quarter valued at about $26,000. 97.35% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, EVP Donald Day sold 2,321 shares of the company’s stock in a transaction on Friday, December 20th. The stock was 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 in the company, valued at $1,016,743.14. This represents a 31.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Joshua Koenig sold 2,209 shares of the company’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 completion of the sale, the vice president now owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts recently commented on the company. JMP Securities initiated coverage on SBA Communications in a report on Monday, January 27th. They set an “outperform” rating and a $250.00 target price on the stock. Wells Fargo & Company boosted their price target on SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. BMO Capital Markets reiterated a “market perform” rating and issued a $230.00 price target (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. Finally, StockNews.com downgraded SBA Communications from a “buy” rating to a “hold” rating in a report on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, SBA Communications presently has an average rating of “Moderate Buy” and a consensus target price of $252.54.
Read Our Latest Stock Report on SBAC
SBA Communications Stock Down 2.0 %
Shares of SBA Communications stock opened at $220.42 on Wednesday. The firm has a market cap of $23.72 billion, a price-to-earnings ratio of 34.77, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. The business has a fifty day simple moving average of $206.33 and a 200-day simple moving average of $220.51. 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 company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be issued a $1.11 dividend. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. The ex-dividend date is Thursday, March 13th. This represents a $4.44 annualized dividend and a dividend yield of 2.01%. SBA Communications’s dividend 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.
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