Prudential Financial Inc. Sells 57,163 Shares of SBA Communications Co. (NASDAQ:SBAC)

Prudential Financial Inc. reduced its stake in SBA Communications Co. (NASDAQ:SBAC) by 47.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 62,566 shares of the technology company’s stock after selling 57,163 shares during the period. Prudential Financial Inc.’s holdings in SBA Communications were worth $12,751,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in SBAC. State Street Corp boosted 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 worth $1,117,697,000 after purchasing an additional 81,566 shares during the period. JPMorgan Chase & Co. boosted its position 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 valued at $1,024,049,000 after acquiring an additional 605,872 shares during the period. Diamond Hill Capital Management Inc. grew its stake in 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 valued at $379,290,000 after acquiring an additional 142,054 shares in the last quarter. Victory Capital Management Inc. increased its holdings 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 acquiring an additional 565,137 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in SBA Communications by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company’s stock worth $266,675,000 after purchasing an additional 38,725 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Joshua Koenig sold 2,209 shares of the stock in a transaction that occurred 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by corporate insiders.

SBA Communications Stock Up 0.8 %

NASDAQ SBAC opened at $216.38 on Friday. The company has a 50-day simple moving average of $211.04 and a two-hundred day simple moving average of $219.68. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $252.64. The firm has a market cap of $23.29 billion, a price-to-earnings ratio of 34.13, a PEG ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Barclays boosted their price target on shares of SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. 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 research report on Wednesday, February 26th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $255.00 price target on shares of SBA Communications in a report on Monday, February 24th. JMP Securities assumed coverage on SBA Communications in a report on Monday, January 27th. They set an “outperform” rating and a $250.00 price objective for the company. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $230.00 target price (down from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and an average 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.