New York Life Investment Management LLC Lowers Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

New York Life Investment Management LLC lowered its holdings in SBA Communications Co. (NASDAQ:SBAC) by 62.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,999 shares of the technology company’s stock after selling 27,099 shares during the period. New York Life Investment Management LLC’s holdings in SBA Communications were worth $3,261,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Victory Capital Management Inc. boosted its holdings in SBA Communications by 2,821.5% in the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after acquiring an additional 1,174,469 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in SBA Communications by 377.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock valued at $213,353,000 after acquiring an additional 700,791 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in SBA Communications by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock valued at $1,024,049,000 after acquiring an additional 605,872 shares during the last quarter. KBC Group NV boosted its holdings in SBA Communications by 212.3% in the fourth quarter. KBC Group NV now owns 410,023 shares of the technology company’s stock valued at $83,562,000 after acquiring an additional 278,737 shares during the last quarter. Finally, Barclays PLC boosted its holdings in SBA Communications by 71.0% in the third quarter. Barclays PLC now owns 658,029 shares of the technology company’s stock valued at $158,386,000 after acquiring an additional 273,237 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

SBAC has been the topic of a number of research analyst reports. Barclays reduced their target price on SBA Communications from $254.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, February 20th. Royal Bank of Canada restated an “outperform” rating and set a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. Wells Fargo & Company boosted their price objective on SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and a consensus target price of $253.07.

Insider Transactions at SBA Communications

In related news, EVP Donald Day sold 2,321 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $203.43, for a total value of $472,161.03. Following the completion of the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,016,743.14. The trade was a 31.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark R. Ciarfella sold 3,545 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $224.33, for a total value of $795,249.85. Following the completion of the sale, the executive vice president now directly owns 33,588 shares of the company’s stock, valued at approximately $7,534,796.04. This represents a 9.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

SBA Communications Stock Performance

Shares of NASDAQ SBAC opened at $217.90 on Friday. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $252.64. The firm has a market cap of $23.43 billion, a price-to-earnings ratio of 34.37, a PEG ratio of 0.74 and a beta of 0.69. The stock’s 50-day simple moving average is $203.81 and its 200-day simple moving average is $220.40.

SBA Communications Increases Dividend

The firm also recently announced 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. 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. The ex-dividend date of this dividend is Thursday, March 13th. SBA Communications’s payout ratio is presently 63.98%.

SBA Communications Company 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.