Prudential Financial Inc. Has $12.75 Million Stake in SBA Communications Co. (NASDAQ:SBAC)

Prudential Financial Inc. lowered its stake in SBA Communications Co. (NASDAQ:SBAC) by 47.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,566 shares of the technology company’s stock after selling 57,163 shares during the quarter. Prudential Financial Inc. owned 0.06% of SBA Communications worth $12,751,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Evermay Wealth Management LLC acquired a new position in shares of SBA Communications during the fourth quarter valued at about $27,000. Oakworth Capital Inc. raised its stake in SBA Communications by 161.8% during the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after buying an additional 144 shares during the period. CKW Financial Group bought a new position in SBA Communications in the fourth quarter worth approximately $56,000. Versant Capital Management Inc boosted its holdings in SBA Communications by 17.3% in the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock worth $73,000 after acquiring an additional 53 shares in the last quarter. Finally, Sherman Asset Management Inc. bought a new stake in shares of SBA Communications during the fourth quarter valued at approximately $73,000. 97.35% of the stock is owned by institutional investors.

SBA Communications Price Performance

NASDAQ SBAC opened at $216.38 on Friday. SBA Communications Co. has a one year low of $183.64 and a one year high of $252.64. The business’s fifty day moving average is $211.04 and its 200-day moving average is $219.68. The stock has a market capitalization 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were paid a $1.11 dividend. This is an increase from SBA Communications’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.44 annualized dividend and a yield of 2.05%. SBA Communications’s dividend payout ratio is presently 63.98%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on SBAC shares. Wells Fargo & Company increased their target price on SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $230.00 price objective (down from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $255.00 price target on shares of SBA Communications in a research report on Monday, February 24th. Finally, StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a report on Tuesday. Four research 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 stock. According to data from MarketBeat, SBA Communications presently has a consensus rating of “Moderate Buy” and an average target price of $252.85.

Insiders Place Their Bets

In other news, VP Joshua Koenig sold 2,209 shares of the 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 completion of the transaction, the vice president now owns 6,079 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.30% of the company’s stock.

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.