Soroban Capital Partners LP Invests $6.06 Million in SBA Communications Co. (NASDAQ:SBAC)

Soroban Capital Partners LP bought a new stake in SBA Communications Co. (NASDAQ:SBAC) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 29,747 shares of the technology company’s stock, valued at approximately $6,062,000. SBA Communications makes up approximately 0.1% of Soroban Capital Partners LP’s holdings, making the stock its 24th largest holding.

Several other institutional investors have also recently bought and sold shares of the business. Evermay Wealth Management LLC purchased a new position in SBA Communications during the fourth quarter worth about $27,000. Graney & King LLC purchased a new stake in shares of SBA Communications in the fourth quarter worth about $29,000. Oakworth Capital Inc. grew its position in shares of SBA Communications by 161.8% during the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock valued at $47,000 after purchasing an additional 144 shares in the last quarter. CKW Financial Group purchased a new position in SBA Communications during the fourth quarter worth about $56,000. Finally, State of Wyoming increased its position in shares of SBA Communications by 75.8% in the fourth quarter. State of Wyoming now owns 276 shares of the technology company’s stock worth $56,000 after purchasing an additional 119 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SBAC. StockNews.com lowered SBA Communications from a “buy” rating to a “hold” rating in a research note on Friday, April 18th. BMO Capital Markets raised their target price on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 29th. Barclays increased their price objective on SBA Communications from $244.00 to $247.00 and gave the stock an “overweight” rating in a report on Tuesday, April 29th. Wells Fargo & Company boosted their target price on SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Finally, Citigroup boosted their price target on SBA Communications from $250.00 to $265.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Six investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $252.38.

Insider Activity

In related news, Director Jack Langer sold 5,000 shares of the company’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the sale, the director now owns 10,522 shares of the company’s stock, valued at $2,531,487.98. This represents a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction dated 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 transaction, the vice president now owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. This represents a 26.65% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.92% of the company’s stock.

SBA Communications Price Performance

NASDAQ:SBAC opened at $233.08 on Monday. The business has a fifty day moving average price of $224.46 and a 200-day moving average price of $215.83. The firm has a market capitalization of $25.08 billion, a price-to-earnings ratio of 36.76, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a one year low of $185.44 and a one year high of $252.64.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd will be paid a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Thursday, May 22nd. SBA Communications’s payout ratio is 60.91%.

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.