Mitsubishi UFJ Trust & Banking Corp Lowers Holdings in SBA Communications Co. (NASDAQ:SBAC)

Mitsubishi UFJ Trust & Banking Corp decreased its stake in SBA Communications Co. (NASDAQ:SBAC) by 46.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 371,123 shares of the technology company’s stock after selling 328,252 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in SBA Communications were worth $75,648,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Evermay Wealth Management LLC acquired a new stake in SBA Communications in the 4th quarter valued at $27,000. Oakworth Capital Inc. increased 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 worth $47,000 after acquiring an additional 144 shares during the last quarter. CKW Financial Group acquired a new stake in SBA Communications during the fourth quarter worth about $56,000. Sherman Asset Management Inc. purchased a new stake in shares of SBA Communications during the 4th quarter valued at approximately $73,000. Finally, Versant Capital Management Inc raised its position in SBA Communications by 17.3% in the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock valued at $73,000 after purchasing an additional 53 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

Insider Buying and Selling

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the business’s stock in a transaction 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 in the company, valued at approximately $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.30% of the company’s stock.

SBA Communications Trading Down 2.0 %

SBAC stock opened at $214.31 on Wednesday. The company’s 50-day moving average price is $210.45 and its 200 day moving average price is $219.73. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $252.64. The company has a market cap of $23.06 billion, a P/E ratio of 33.80, a P/E/G ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be paid a dividend of $1.11 per share. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $4.44 annualized dividend and a dividend yield of 2.07%. SBA Communications’s payout ratio is 63.98%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SBAC. JMP Securities initiated coverage on shares of SBA Communications in a research note on Monday, January 27th. They issued an “outperform” rating and a $250.00 price target on the stock. BMO Capital Markets reaffirmed a “market perform” rating and issued a $230.00 price target (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $255.00 target price on shares of SBA Communications in a report on Monday, February 24th. Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Barclays lifted their price objective 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. Four analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and an average price target of $252.85.

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.