SBA Communications Co. (NASDAQ:SBAC) Shares Purchased by Federated Hermes Inc.

Federated Hermes Inc. boosted its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 3.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 94,306 shares of the technology company’s stock after acquiring an additional 3,567 shares during the quarter. Federated Hermes Inc.’s holdings in SBA Communications were worth $19,220,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in SBAC. JPMorgan Chase & Co. boosted its position in SBA Communications by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock valued at $1,024,049,000 after buying an additional 605,872 shares during the last quarter. Geode Capital Management LLC lifted its stake in SBA Communications by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company’s stock valued at $586,827,000 after acquiring an additional 71,023 shares during the period. Diamond Hill Capital Management Inc. boosted its holdings in shares of SBA Communications by 8.3% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company’s stock valued at $379,290,000 after acquiring an additional 142,054 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of SBA Communications by 46.5% during the fourth quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company’s stock worth $363,015,000 after purchasing an additional 565,137 shares during the last quarter. Finally, Norges Bank acquired a new position in SBA Communications during the fourth quarter valued at $268,287,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Insider Activity

In other news, VP Joshua Koenig sold 2,209 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the sale, the vice president now directly owns 6,079 shares in the company, valued at $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

SBAC has been the subject of a number of recent research reports. Morgan Stanley initiated coverage on SBA Communications in a research note on Tuesday, April 1st. They set an “equal weight” rating and a $240.00 price objective for the company. Wells Fargo & Company boosted their price target on SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. Barclays raised 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. Citizens Jmp upgraded shares of SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Finally, JMP Securities began coverage on shares of SBA Communications in a research report on Monday, January 27th. They set an “outperform” rating and a $250.00 price target on the stock. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and an average target price of $251.92.

SBA Communications Stock Down 2.7 %

SBAC stock opened at $208.57 on Wednesday. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $252.64. The firm has a 50-day simple moving average of $213.96 and a 200-day simple moving average of $218.02. The stock has a market capitalization of $22.45 billion, a P/E ratio of 32.90, a P/E/G ratio of 0.74 and a beta of 0.83.

SBA Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were paid a dividend of $1.11 per share. 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 2.13%. The ex-dividend date of this dividend was Thursday, March 13th. SBA Communications’s payout ratio is 63.98%.

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.