Wells Fargo & Company MN Trims Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Wells Fargo & Company MN reduced its stake in SBA Communications Co. (NASDAQ:SBAC) by 58.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 144,997 shares of the technology company’s stock after selling 207,201 shares during the quarter. Wells Fargo & Company MN’s holdings in SBA Communications were worth $29,550,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Evermay Wealth Management LLC purchased a new position in SBA Communications in the 4th quarter valued at $27,000. Graney & King LLC acquired a new stake in shares of SBA Communications in the 4th quarter worth $29,000. Oakworth Capital Inc. boosted its holdings in shares of SBA Communications by 161.8% in the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock valued at $47,000 after acquiring an additional 144 shares in the last quarter. CKW Financial Group acquired a new position in shares of SBA Communications during the fourth quarter worth about $56,000. Finally, Sherman Asset Management Inc. purchased a new position in SBA Communications during the fourth quarter worth about $73,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Price Performance

Shares of SBAC opened at $219.18 on Friday. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $252.64. The stock has a market cap of $23.59 billion, a price-to-earnings ratio of 34.57, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. The firm has a 50 day simple moving average of $215.23 and a 200-day simple moving average of $217.44.

SBA Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.03%. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, March 13th. SBA Communications’s payout ratio is 63.98%.

Wall Street Analyst Weigh In

SBAC has been the topic of several recent analyst reports. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday. Barclays increased their price objective on SBA Communications from $240.00 to $244.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Wells Fargo & Company upped their price target on shares of SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Citizens Jmp upgraded shares of SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $255.00 target price on shares of SBA Communications in a research report on Monday, February 24th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $251.92.

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 shares were 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 of the company’s stock, valued at approximately $1,362,790.22. The trade was a 26.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.30% of the company’s stock.

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.