SBA Communications Co. (NASDAQ:SBAC) Position Trimmed by Alliancebernstein L.P.

Alliancebernstein L.P. decreased its holdings in SBA Communications Co. (NASDAQ:SBAC) by 10.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 134,996 shares of the technology company’s stock after selling 15,097 shares during the period. Alliancebernstein L.P. owned about 0.13% of SBA Communications worth $27,512,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in SBAC. State Street Corp increased its stake in SBA Communications by 1.8% in the 3rd 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 period. JPMorgan Chase & Co. increased its stake in shares of SBA Communications by 16.6% in the third 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 last quarter. Diamond Hill Capital Management Inc. raised its holdings in shares of SBA Communications by 8.3% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company’s stock worth $379,290,000 after acquiring an additional 142,054 shares in the last quarter. Victory Capital Management Inc. boosted its position in SBA Communications by 46.5% during the fourth quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company’s stock valued at $363,015,000 after purchasing an additional 565,137 shares during the last quarter. Finally, Norges Bank purchased a new position in SBA Communications in the fourth quarter valued at about $268,287,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Down 4.7 %

Shares of SBAC stock opened at $219.91 on Monday. The stock has a 50 day moving average of $213.48 and a 200-day moving average of $218.48. The firm has a market cap of $23.67 billion, a PE ratio of 34.69, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 12 month low of $183.64 and a 12 month 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 issued a $1.11 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This is an increase 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 dividend payout ratio is 63.98%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SBAC. Morgan Stanley assumed coverage on SBA Communications in a report on Tuesday, April 1st. They set an “equal weight” rating and a $240.00 price target for the company. BMO Capital Markets reissued a “market perform” rating and issued a $230.00 target price (down from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. JMP Securities initiated coverage on shares of SBA Communications in a report on Monday, January 27th. They set an “outperform” rating and a $250.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $255.00 price objective on shares of SBA Communications in a report on Monday, February 24th. Finally, Barclays raised their target price on SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a report on Friday, March 21st. 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 MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $251.92.

Insiders Place Their Bets

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was 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 in the company, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.30% of the company’s stock.

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.