SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its stake in SBA Communications Co. (NASDAQ:SBAC) by 5.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,459 shares of the technology company’s stock after selling 1,502 shares during the period. Corebridge Financial Inc.’s holdings in SBA Communications were worth $5,189,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. State Street Corp boosted its stake in SBA Communications by 1.8% in 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 acquiring an additional 81,566 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of SBA Communications by 16.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock valued at $1,024,049,000 after purchasing an additional 605,872 shares during the period. Diamond Hill Capital Management Inc. boosted its position in shares of SBA Communications by 8.3% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company’s stock valued at $379,290,000 after purchasing an additional 142,054 shares during the period. Victory Capital Management Inc. grew its stake in SBA Communications by 46.5% during the 4th quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company’s stock worth $363,015,000 after buying an additional 565,137 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in SBA Communications by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company’s stock worth $266,675,000 after buying an additional 38,725 shares during the period. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the sale, the vice president now directly owns 6,079 shares in the company, valued at approximately $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.30% of the company’s stock.

SBA Communications Stock Up 0.2 %

Shares of NASDAQ SBAC opened at $216.84 on Friday. The stock has a market capitalization of $23.34 billion, a price-to-earnings ratio of 34.20, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $252.64. The firm has a 50-day moving average price of $211.31 and a 200 day moving average price of $219.36.

SBA Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were paid a dividend of $1.11 per share. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, March 13th. This represents a $4.44 annualized dividend and a dividend yield of 2.05%. SBA Communications’s payout ratio is 63.98%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SBAC. BMO Capital Markets restated a “market perform” rating and set a $230.00 target price (down from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Wells Fargo & Company lifted their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Barclays raised their price target on SBA Communications from $240.00 to $244.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. JMP Securities assumed coverage on SBA Communications in a research note on Monday, January 27th. They set an “outperform” rating and a $250.00 price objective for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $255.00 target price on shares of SBA Communications in a research note on Monday, February 24th. Four 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 stock. According to MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and a consensus target price of $252.85.

SBA Communications Company 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.