Bank of New York Mellon Corp Acquires 61,671 Shares of SBA Communications Co. (NASDAQ:SBAC)

Bank of New York Mellon Corp lifted its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 9.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 736,183 shares of the technology company’s stock after purchasing an additional 61,671 shares during the period. Bank of New York Mellon Corp’s holdings in SBA Communications were worth $150,034,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new stake in shares of SBA Communications during the third quarter worth $26,000. Evermay Wealth Management LLC acquired a new position in shares of SBA Communications during the fourth quarter valued at $27,000. Capital Performance Advisors LLP acquired a new position in shares of SBA Communications during the third quarter valued at $35,000. Farther Finance Advisors LLC lifted its stake in shares of SBA Communications by 32.5% during the third quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock valued at $52,000 after acquiring an additional 53 shares during the period. Finally, Oakworth Capital Inc. lifted its stake in shares of SBA Communications by 161.8% during 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 during the period. Institutional investors own 97.35% of the company’s stock.

SBA Communications Price Performance

NASDAQ SBAC opened at $217.90 on Friday. The firm has a market cap of $23.43 billion, a P/E ratio of 34.37, a P/E/G ratio of 0.74 and a beta of 0.69. The stock’s 50-day moving average is $203.81 and its 200-day moving average is $220.39. SBA Communications Co. has a one year low of $183.64 and a one year high of $252.64.

SBA Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be given a dividend of $1.11 per share. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.04%. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s dividend payout ratio (DPR) is currently 63.98%.

Wall Street Analysts Forecast Growth

SBAC has been the topic of several research reports. Citizens Jmp raised SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. JMP Securities initiated coverage on SBA Communications in a research note on Monday, January 27th. They set an “outperform” rating and a $250.00 price target on the stock. Barclays cut their price target on SBA Communications from $254.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, February 20th. Wells Fargo & Company upped their price target on SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, StockNews.com lowered SBA Communications from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $253.07.

Insider Transactions at SBA Communications

In related news, EVP Donald Day sold 2,321 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $203.43, for a total transaction of $472,161.03. Following the completion of the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at approximately $1,016,743.14. This trade represents a 31.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark R. Ciarfella sold 3,545 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $224.33, for a total value of $795,249.85. Following the transaction, the executive vice president now owns 33,588 shares of the company’s stock, valued at approximately $7,534,796.04. The trade was a 9.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.