Pitcairn Co. Cuts Stake in SBA Communications Co. (NASDAQ:SBAC)

Pitcairn Co. trimmed its stake in SBA Communications Co. (NASDAQ:SBAC) by 2.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,763 shares of the technology company’s stock after selling 94 shares during the quarter. Pitcairn Co.’s holdings in SBA Communications were worth $767,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of SBAC. Evermay Wealth Management LLC acquired a new stake in shares of SBA Communications during the 4th quarter worth $27,000. Graney & King LLC purchased a new position in shares of SBA Communications in the 4th quarter worth about $29,000. Oakworth Capital Inc. lifted its stake in shares of SBA Communications by 161.8% in 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 stake in shares of SBA Communications during the 4th quarter worth about $56,000. Finally, Versant Capital Management Inc increased its position 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 purchasing an additional 53 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Price Performance

Shares of SBAC stock opened at $219.91 on Friday. The firm has a market cap of $23.67 billion, a P/E ratio of 34.69, a P/E/G ratio of 0.74 and a beta of 0.74. The firm has a fifty day moving average of $213.48 and a two-hundred day moving average of $218.81. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $252.64.

SBA Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were issued a $1.11 dividend. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a yield of 2.02%. The ex-dividend date was Thursday, March 13th. SBA Communications’s payout ratio is currently 63.98%.

Insider Buying and Selling at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of the company’s 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 sale, the vice president now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on SBAC. Wells Fargo & Company lifted their price target 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. BMO Capital Markets reaffirmed a “market perform” rating and set a $230.00 price target (down from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Barclays raised their price objective on SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $255.00 target price on shares of SBA Communications in a research report on Monday, February 24th. Finally, JMP Securities began coverage on SBA Communications in a report on Monday, January 27th. They set an “outperform” rating and a $250.00 target price on the stock. Six investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $251.92.

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.