SBA Communications Co. (NASDAQ:SBAC) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in SBA Communications Co. (NASDAQ:SBAC) by 9.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 736,183 shares of the technology company’s stock after purchasing an additional 61,671 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.68% of SBA Communications worth $150,034,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SBAC. Exchange Traded Concepts LLC lifted its stake in SBA Communications by 15.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company’s stock valued at $78,000 after buying an additional 50 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in SBA Communications by 32.5% in the third quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock valued at $52,000 after buying an additional 53 shares during the last quarter. Versant Capital Management Inc lifted its stake in SBA Communications by 17.3% in the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock valued at $73,000 after buying an additional 53 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in SBA Communications by 1.4% in the third quarter. Assenagon Asset Management S.A. now owns 4,512 shares of the technology company’s stock valued at $1,086,000 after buying an additional 64 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its stake in SBA Communications by 23.7% in the third quarter. Venturi Wealth Management LLC now owns 339 shares of the technology company’s stock valued at $82,000 after buying an additional 65 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Down 0.1 %

Shares of SBAC stock opened at $217.90 on Friday. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $252.64. The firm has a market cap of $23.43 billion, a PE ratio of 34.37, a price-to-earnings-growth ratio of 0.74 and a beta of 0.69. The stock has a 50 day moving average of $203.81 and a 200-day moving average of $220.39.

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 given a dividend of $1.11 per share. The ex-dividend date is 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 dividend yield of 2.04%. SBA Communications’s payout ratio is currently 63.98%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. BMO Capital Markets reiterated a “market perform” rating and issued a $230.00 target price (down from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. Wells Fargo & Company raised their target price on SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research note on Wednesday. Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. JMP Securities assumed coverage on shares of SBA Communications in a research note on Monday, January 27th. They set an “outperform” rating and a $250.00 price objective on the stock. Finally, 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. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $253.07.

Insider Activity

In other news, EVP Mark R. Ciarfella sold 3,545 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $224.33, for a total transaction of $795,249.85. Following the sale, the executive vice president now directly owns 33,588 shares in the company, valued at approximately $7,534,796.04. The trade was a 9.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Donald Day sold 2,321 shares of the company’s stock in a transaction on Friday, December 20th. The shares were 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 trade represents a 31.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company 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.