Prudential PLC Sells 69,118 Shares of SBA Communications Corporation $SBAC

Prudential PLC decreased its stake in SBA Communications Corporation (NASDAQ:SBAC) by 88.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,366 shares of the technology company’s stock after selling 69,118 shares during the period. Prudential PLC’s holdings in SBA Communications were worth $1,812,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Norges Bank bought a new position in shares of SBA Communications during the 4th quarter valued at $302,774,000. Dodge & Cox lifted its position in shares of SBA Communications by 12.3% in the 3rd quarter. Dodge & Cox now owns 9,667,297 shares of the technology company’s stock worth $1,869,172,000 after purchasing an additional 1,058,803 shares during the period. Vanguard Group Inc. lifted its position in shares of SBA Communications by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock worth $3,511,920,000 after purchasing an additional 403,285 shares during the period. Diamond Hill Capital Management Inc. lifted its position in shares of SBA Communications by 24.6% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,855,329 shares of the technology company’s stock worth $358,728,000 after purchasing an additional 366,491 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in shares of SBA Communications by 36.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,267,351 shares of the technology company’s stock worth $245,043,000 after purchasing an additional 336,071 shares during the period. Institutional investors own 97.35% of the company’s stock.

SBA Communications Stock Performance

SBAC opened at $208.02 on Monday. The company has a market cap of $22.06 billion, a price-to-earnings ratio of 21.90, a PEG ratio of 2.08 and a beta of 0.99. The company’s 50 day moving average is $207.16 and its 200 day moving average is $196.13. SBA Communications Corporation has a 12-month low of $162.41 and a 12-month high of $243.16.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd will be issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $5.00 annualized dividend and a yield of 2.4%. SBA Communications’s payout ratio is currently 52.63%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Weiss Ratings raised shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. Sanford C. Bernstein started coverage on shares of SBA Communications in a research note on Thursday, March 5th. They set a “market perform” rating and a $218.00 price objective for the company. Morgan Stanley lifted their price target on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 9th. Wells Fargo & Company lifted their price target on shares of SBA Communications from $195.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 7th. Finally, Scotiabank lifted their price target on shares of SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and a consensus target price of $237.22.

SBA Communications Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.