SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 5.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 25,459 shares of the technology company’s stock after selling 1,502 shares during the period. Corebridge Financial Inc.’s holdings in SBA Communications were worth $5,189,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Exchange Traded Concepts LLC increased its position in SBA Communications by 15.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company’s stock worth $78,000 after purchasing an additional 50 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of SBA Communications by 17.3% during the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock worth $73,000 after buying an additional 53 shares in the last quarter. Auxano Advisors LLC raised its position in shares of SBA Communications by 2.3% in the fourth quarter. Auxano Advisors LLC now owns 2,431 shares of the technology company’s stock valued at $495,000 after buying an additional 54 shares during the last quarter. Lake Street Advisors Group LLC lifted its stake in shares of SBA Communications by 5.8% during the fourth quarter. Lake Street Advisors Group LLC now owns 1,105 shares of the technology company’s stock valued at $225,000 after buying an additional 61 shares during the period. Finally, Torray Investment Partners LLC boosted its position in SBA Communications by 0.7% during the fourth quarter. Torray Investment Partners LLC now owns 9,788 shares of the technology company’s stock worth $1,995,000 after acquiring an additional 67 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other SBA Communications 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 value of $495,213.62. Following the completion of the transaction, the vice president now owns 6,079 shares in the company, valued at $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 is available through the SEC website. Insiders own 1.30% of the company’s stock.

SBA Communications Trading Up 0.2 %

NASDAQ:SBAC opened at $216.84 on Friday. The firm’s fifty day simple moving average is $211.31 and its 200 day simple moving average is $219.36. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $252.64. The firm has a market capitalization of $23.34 billion, a price-to-earnings ratio of 34.20, a PEG ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were given a $1.11 dividend. 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 2.05%. SBA Communications’s dividend payout ratio is presently 63.98%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Barclays boosted their price target on SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Wells Fargo & Company raised their price target on SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research note on Tuesday, March 25th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $230.00 target price (down from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $252.85.

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.