Wells Fargo & Company MN Cuts Position in SBA Communications Co. (NASDAQ:SBAC)

Wells Fargo & Company MN reduced its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 58.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 144,997 shares of the technology company’s stock after selling 207,201 shares during the period. Wells Fargo & Company MN owned about 0.13% of SBA Communications worth $29,550,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Evermay Wealth Management LLC acquired a new position in SBA Communications in the 4th quarter valued at about $27,000. Graney & King LLC acquired a new position in shares of SBA Communications in the fourth quarter valued at approximately $29,000. Oakworth Capital Inc. increased its stake in SBA Communications by 161.8% during the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after buying an additional 144 shares during the period. CKW Financial Group purchased a new stake in SBA Communications during the 4th quarter worth approximately $56,000. Finally, Versant Capital Management Inc lifted its holdings in SBA Communications by 17.3% during the 4th quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock worth $73,000 after buying an additional 53 shares in the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Joshua Koenig sold 2,209 shares of SBA Communications 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 transaction, the vice president now directly owns 6,079 shares of the company’s stock, valued at $1,362,790.22. The trade was a 26.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.30% of the stock is currently owned by corporate insiders.

SBA Communications Stock Performance

Shares of SBAC stock opened at $219.18 on Friday. The stock’s 50-day moving average is $215.23 and its two-hundred day moving average is $217.44. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $252.64. The firm has a market cap of $23.59 billion, a price-to-earnings ratio of 34.57, a PEG ratio of 0.74 and a beta of 0.83.

SBA Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were paid a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date was Thursday, March 13th. This is an increase from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s dividend payout ratio (DPR) is currently 63.98%.

Wall Street Analysts Forecast Growth

SBAC has been the topic of a number of recent research reports. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday. Barclays upped 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. Morgan Stanley initiated coverage on SBA Communications in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $240.00 price objective for the company. JMP Securities initiated coverage on shares of SBA Communications in a research note on Monday, January 27th. They set an “outperform” rating and a $250.00 target price on the stock. Finally, Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $251.92.

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.