Massachusetts Financial Services Co. MA Sells 44,882 Shares of SBA Communications Co. (NASDAQ:SBAC)

Massachusetts Financial Services Co. MA cut its stake in SBA Communications Co. (NASDAQ:SBAC) by 2.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,640,804 shares of the technology company’s stock after selling 44,882 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.53% of SBA Communications worth $334,396,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SBAC. Exchange Traded Concepts LLC increased its stake in SBA Communications by 15.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company’s stock valued at $78,000 after purchasing an additional 50 shares in the last quarter. Versant Capital Management Inc increased its position in shares of SBA Communications by 17.3% in the 4th quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock valued at $73,000 after buying an additional 53 shares in the last quarter. Auxano Advisors LLC raised its stake in SBA Communications by 2.3% during the 4th quarter. Auxano Advisors LLC now owns 2,431 shares of the technology company’s stock worth $495,000 after buying an additional 54 shares during the period. Lake Street Advisors Group LLC lifted its holdings in SBA Communications by 5.8% during the fourth quarter. Lake Street Advisors Group LLC now owns 1,105 shares of the technology company’s stock worth $225,000 after acquiring an additional 61 shares in the last quarter. Finally, Orion Portfolio Solutions LLC grew its stake in SBA Communications by 1.3% in the fourth quarter. Orion Portfolio Solutions LLC now owns 4,962 shares of the technology company’s stock valued at $1,011,000 after acquiring an additional 64 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the sale, 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 filing with the SEC, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SBAC shares. Morgan Stanley assumed coverage on SBA Communications in a report on Tuesday. They set an “equal weight” rating and a $240.00 price objective on the stock. BMO Capital Markets reiterated a “market perform” rating and issued a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Wells Fargo & Company raised their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, SBA Communications has an average rating of “Moderate Buy” and a consensus target price of $251.92.

SBA Communications Stock Performance

Shares of SBAC stock opened at $219.34 on Thursday. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $252.64. The stock has a market cap of $23.60 billion, a price-to-earnings ratio of 34.60, a PEG ratio of 0.74 and a beta of 0.74. The firm’s 50-day moving average is $212.38 and its 200-day moving average is $218.90.

SBA Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date was Thursday, March 13th. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s dividend payout ratio is 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.