SBA Communications Co. (NASDAQ:SBAC) Shares Acquired by Royal Bank of Canada

Royal Bank of Canada boosted its holdings in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 24.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 184,941 shares of the technology company's stock after purchasing an additional 36,174 shares during the quarter. Royal Bank of Canada owned about 0.17% of SBA Communications worth $37,691,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Dodge & Cox increased its position in SBA Communications by 352.5% during the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock worth $1,497,167,000 after buying an additional 5,722,740 shares during the period. JPMorgan Chase & Co. raised its stake in SBA Communications by 16.6% during the 3rd 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. Geode Capital Management LLC grew its position in SBA Communications by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock valued at $586,827,000 after buying an additional 71,023 shares during the last quarter. Deutsche Bank AG increased its stake in SBA Communications by 5.9% in the 4th quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock valued at $491,549,000 after buying an additional 134,624 shares during the period. Finally, Cohen & Steers Inc. lifted its stake in shares of SBA Communications by 29.8% in the 4th quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock worth $383,762,000 after acquiring an additional 432,644 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Trading Down 1.2%

Shares of SBA Communications stock traded down $2.87 during trading hours on Wednesday, reaching $228.14. The stock had a trading volume of 122,632 shares, compared to its average volume of 894,139. SBA Communications Co. has a 1 year low of $185.44 and a 1 year high of $252.64. The firm has a market capitalization of $24.51 billion, a price-to-earnings ratio of 36.02, a P/E/G ratio of 0.74 and a beta of 0.83. The firm has a 50 day simple moving average of $226.17 and a two-hundred day simple moving average of $216.23.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd will be issued a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Thursday, May 22nd. SBA Communications's dividend payout ratio is presently 60.91%.

Insider Activity

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the firm's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the completion of the transaction, the director now directly owns 10,522 shares of the company's stock, valued at $2,531,487.98. This trade represents a 32.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Joshua Koenig sold 2,209 shares of the firm's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $224.18, for a total value of $495,213.62. Following the transaction, the vice president now owns 6,079 shares in the company, valued at $1,362,790.22. This trade represents a 26.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.92% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SBAC shares. Wall Street Zen lowered SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Morgan Stanley initiated coverage on shares of SBA Communications in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 price objective for the company. Bank of America started coverage on shares of SBA Communications in a report on Monday, May 19th. They issued a "buy" rating and a $260.00 target price for the company. Citigroup boosted their price target on SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Finally, JMP Securities raised their price objective on SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a research note on Tuesday, April 29th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $253.43.

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.