Federated Hermes Inc. Purchases 3,567 Shares of SBA Communications Co. (NASDAQ:SBAC)

Federated Hermes Inc. raised its holdings in SBA Communications Co. (NASDAQ:SBAC) by 3.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 94,306 shares of the technology company’s stock after acquiring an additional 3,567 shares during the period. Federated Hermes Inc. owned approximately 0.09% of SBA Communications worth $19,220,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Resona Asset Management Co. Ltd. bought a new position in SBA Communications in the 4th quarter worth $3,633,000. Prudential PLC lifted its stake in shares of SBA Communications by 4.1% in the fourth quarter. Prudential PLC now owns 60,420 shares of the technology company’s stock worth $12,314,000 after buying an additional 2,382 shares in the last quarter. Motley Fool Asset Management LLC raised its holdings in SBA Communications by 8.0% in the 4th quarter. Motley Fool Asset Management LLC now owns 60,964 shares of the technology company’s stock worth $12,424,000 after acquiring an additional 4,524 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of SBA Communications by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company’s stock worth $586,827,000 after purchasing an additional 71,023 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in SBA Communications by 12.4% in the 4th quarter. Franklin Resources Inc. now owns 114,927 shares of the technology company’s stock worth $23,422,000 after buying an additional 12,645 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SBAC. BMO Capital Markets reissued a “market perform” rating and set a $230.00 price objective (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Wells Fargo & Company boosted their target price on shares of SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Royal Bank of Canada reiterated an “outperform” rating and issued a $255.00 price target on shares of SBA Communications in a research report on Monday, February 24th. Morgan Stanley started coverage on shares of SBA Communications in a research report on Tuesday, April 1st. They set an “equal weight” rating and a $240.00 price objective for the company. Finally, StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a report on Wednesday, April 2nd. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $251.92.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $208.57 on Wednesday. The stock has a market cap of $22.45 billion, a price-to-earnings ratio of 32.90, a PEG ratio of 0.74 and a beta of 0.83. The firm’s 50-day moving average is $213.96 and its two-hundred day moving average is $218.02. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $252.64.

SBA Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were issued a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.13%. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Thursday, March 13th. SBA Communications’s dividend payout ratio (DPR) is presently 63.98%.

Insider Buying and Selling

In related news, VP Joshua Koenig sold 2,209 shares of the firm’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 sale, the vice president now owns 6,079 shares of the company’s stock, valued at $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is currently owned by 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.