Price T Rowe Associates Inc. MD Sells 157,705 Shares of SBA Communications Co. (NASDAQ:SBAC)

Price T Rowe Associates Inc. MD lessened its holdings in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 15.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 855,158 shares of the technology company's stock after selling 157,705 shares during the period. Price T Rowe Associates Inc. MD owned about 0.80% of SBA Communications worth $174,282,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Evermay Wealth Management LLC bought a new stake in shares of SBA Communications during the fourth quarter worth about $27,000. Graney & King LLC bought a new stake in shares of SBA Communications in the 4th quarter valued at $29,000. Oakworth Capital Inc. boosted its stake in shares of SBA Communications by 161.8% in the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock valued at $47,000 after purchasing an additional 144 shares during the last quarter. CKW Financial Group bought a new stake in shares of SBA Communications in the 4th quarter valued at $56,000. Finally, Sherman Asset Management Inc. bought a new stake in shares of SBA Communications in the 4th quarter valued at $73,000. Institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. StockNews.com lowered shares of SBA Communications from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. Wells Fargo & Company upped their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 26th. Barclays upped their price objective on shares of SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a research note on Tuesday. Finally, Raymond James reissued a "strong-buy" rating and set a $268.00 target price (up from $265.00) on shares of SBA Communications in a research note on Tuesday. Six 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $252.38.

Insider Transactions at SBA Communications

In other news, VP Joshua Koenig sold 2,209 shares of the company's stock in a transaction on Friday, March 7th. The shares were 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 of the company's stock, valued at approximately $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.92% of the company's stock.

SBA Communications Stock Down 1.1 %

NASDAQ:SBAC traded down $2.59 during mid-day trading on Thursday, hitting $240.81. 549,133 shares of the stock traded hands, compared to its average volume of 903,825. The business's 50-day moving average price is $220.63 and its 200 day moving average price is $216.70. The company has a market cap of $25.91 billion, a PE ratio of 37.98, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $252.64.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be issued a $1.11 dividend. The ex-dividend date is Thursday, May 22nd. This represents a $4.44 annualized dividend and a dividend yield of 1.84%. SBA Communications's payout ratio is currently 60.91%.

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.