DnB Asset Management AS Sells 208 Shares of SBA Communications Co. (NASDAQ:SBAC)

DnB Asset Management AS decreased its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 1.2% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 17,643 shares of the technology company’s stock after selling 208 shares during the period. DnB Asset Management AS’s holdings in SBA Communications were worth $3,596,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SBAC. Norges Bank purchased a new position in SBA Communications during the fourth quarter valued at approximately $268,287,000. Wealthfront Advisers LLC boosted its position in SBA Communications by 23,553.0% during the 4th quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company’s stock valued at $229,648,000 after acquiring an additional 1,122,064 shares in the last quarter. JPMorgan Chase & Co. increased its holdings 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 acquiring an additional 605,872 shares during the period. Victory Capital Management Inc. raised its position in shares of SBA Communications by 46.5% in 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 in the last quarter. Finally, KBC Group NV lifted its stake in shares of SBA Communications by 212.3% during the 4th quarter. KBC Group NV now owns 410,023 shares of the technology company’s stock worth $83,562,000 after purchasing an additional 278,737 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on SBAC. StockNews.com upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Tuesday, March 25th. Barclays boosted their price objective on shares of SBA Communications from $240.00 to $244.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Wells Fargo & Company increased their target price on shares of SBA Communications from $210.00 to $225.00 and gave the company 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. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $230.00 price objective (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Four equities research 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 stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $252.85.

Insiders Place Their Bets

In other SBA Communications news, 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 transaction of $495,213.62. Following the completion of the transaction, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.30% of the stock is currently owned by insiders.

SBA Communications Stock Performance

Shares of SBAC stock opened at $220.01 on Tuesday. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $252.64. The firm has a market capitalization of $23.68 billion, a PE ratio of 34.70, a P/E/G ratio of 0.74 and a beta of 0.74. The stock’s 50-day simple moving average is $211.64 and its 200-day simple moving average is $219.06.

SBA Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were issued a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.02%. 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 is 63.98%.

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.