Allstate Corp Takes Position in SBA Communications Co. (NASDAQ:SBAC)

Allstate Corp purchased a new position in SBA Communications Co. (NASDAQ:SBAC) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 3,192 shares of the technology company’s stock, valued at approximately $651,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brown Brothers Harriman & Co. increased its stake in shares of SBA Communications by 6.0% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,718 shares of the technology company’s stock worth $350,000 after buying an additional 97 shares during the last quarter. Orion Portfolio Solutions LLC grew its position in shares of SBA Communications by 1.3% during the 4th quarter. Orion Portfolio Solutions LLC now owns 4,962 shares of the technology company’s stock valued at $1,011,000 after buying an additional 64 shares during the last quarter. Pictet Asset Management Holding SA grew its holdings in shares of SBA Communications by 0.8% during the fourth quarter. Pictet Asset Management Holding SA now owns 220,756 shares of the technology company’s stock valued at $44,990,000 after purchasing an additional 1,774 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in SBA Communications by 0.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 31,136 shares of the technology company’s stock worth $6,346,000 after buying an additional 125 shares during the period. Finally, Norges Bank acquired a new stake in shares of SBA Communications in the 4th quarter worth about $268,287,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analysts Set New Price Targets

SBAC has been the topic of several analyst reports. JMP Securities assumed coverage on SBA Communications in a research report on Monday, January 27th. They issued an “outperform” rating and a $250.00 target price on the stock. BMO Capital Markets restated a “market perform” rating and set a $230.00 target price (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a research note on Tuesday, March 25th. Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. Finally, Wells Fargo & Company raised their price target on shares of SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $252.85.

SBA Communications Trading Up 1.5 %

Shares of SBA Communications stock opened at $220.01 on Tuesday. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $252.64. The company’s fifty day simple moving average is $211.64 and its 200-day simple moving average is $219.06. The company has a market cap of $23.68 billion, a price-to-earnings ratio of 34.70, a PEG ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a dividend of $1.11 per share. This is an increase from SBA Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, March 13th. This represents a $4.44 annualized dividend and a dividend yield of 2.02%. SBA Communications’s payout ratio is presently 63.98%.

Insider Activity

In related news, VP Joshua Koenig sold 2,209 shares of the business’s 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 transaction, the vice president now directly owns 6,079 shares in the company, valued at $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.30% of the stock is owned by company insiders.

SBA Communications 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.