SBA Communications (NASDAQ:SBAC) Given New $244.00 Price Target at Barclays

SBA Communications (NASDAQ:SBAC) had its target price raised by Barclays from $240.00 to $244.00 in a research report released on Friday,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

SBAC has been the subject of a number of other reports. BMO Capital Markets reiterated a “market perform” rating and issued a $230.00 price objective (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. JMP Securities began coverage on shares of SBA Communications in a research report on Monday, January 27th. They set an “outperform” rating and a $250.00 target price for the company. Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. Wells Fargo & Company boosted their target price on shares of SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Finally, StockNews.com lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, SBA Communications has an average rating of “Moderate Buy” and an average target price of $252.85.

SBA Communications Trading Up 0.3 %

Shares of NASDAQ:SBAC opened at $221.64 on Friday. The stock has a market capitalization of $23.85 billion, a PE ratio of 34.96, a P/E/G ratio of 0.74 and a beta of 0.74. SBA Communications has a 1 year low of $183.64 and a 1 year high of $252.64. The firm has a fifty day moving average price of $209.59 and a 200 day moving average price of $220.17.

SBA Communications Increases Dividend

The business 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 represents a $4.44 dividend on an annualized basis and a dividend yield of 2.00%. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s dividend payout ratio is currently 63.98%.

Insider Activity

In related news, VP Joshua Koenig sold 2,209 shares of the stock in a transaction dated Friday, March 7th. The shares were 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 $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SBAC. Dodge & Cox raised its position in SBA Communications by 352.5% in the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock worth $1,497,167,000 after purchasing an additional 5,722,740 shares in the last quarter. Norges Bank acquired a new position in SBA Communications in the fourth quarter worth about $268,287,000. Wealthfront Advisers LLC raised its position in SBA Communications by 23,553.0% in the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company’s stock worth $229,648,000 after purchasing an additional 1,122,064 shares in the last quarter. BROOKFIELD Corp ON raised its position in SBA Communications by 27,449.9% in the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company’s stock worth $202,016,000 after purchasing an additional 987,647 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in SBA Communications by 377.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock worth $213,353,000 after purchasing an additional 700,791 shares in the last quarter. Institutional investors and hedge funds own 97.35% 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.