Wells Fargo & Company Issues Positive Forecast for SBA Communications (NASDAQ:SBAC) Stock Price

SBA Communications (NASDAQ:SBAC) had its target price lifted by Wells Fargo & Company from $210.00 to $225.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

Several other brokerages also recently issued reports on SBAC. StockNews.com downgraded SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Raymond James boosted their price target on SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th. BMO Capital Markets reiterated a “market perform” rating and issued a $230.00 price target (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Barclays cut their price target on SBA Communications from $254.00 to $240.00 and set an “overweight” rating for the company in a report on Thursday, February 20th. Finally, JMP Securities initiated coverage on SBA Communications in a report on Monday, January 27th. They issued an “outperform” rating and a $250.00 price target for the company. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $253.07.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $215.49 on Wednesday. SBA Communications has a 1 year low of $183.64 and a 1 year high of $252.64. The company has a market capitalization of $23.17 billion, a P/E ratio of 33.99, a P/E/G ratio of 0.74 and a beta of 0.69. The business has a 50 day moving average price of $203.12 and a 200 day moving average price of $220.39.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be paid a dividend of $1.11 per share. The ex-dividend date of this dividend is Thursday, March 13th. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a dividend yield of 2.06%. SBA Communications’s payout ratio is currently 63.98%.

Insider Activity

In related news, EVP Mark R. Ciarfella sold 3,545 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $224.33, for a total transaction 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Donald Day sold 2,321 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $203.43, for a total transaction of $472,161.03. Following the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,016,743.14. This trade represents a 31.71 % 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.

Institutional Trading of SBA Communications

Institutional investors have recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC purchased a new stake in SBA Communications during the 3rd quarter worth $26,000. Evermay Wealth Management LLC acquired a new position in SBA Communications in the 4th quarter worth $27,000. Graney & King LLC acquired a new position in SBA Communications in the 4th quarter worth $29,000. Capital Performance Advisors LLP acquired a new position in SBA Communications in the 3rd quarter worth $35,000. Finally, Oakworth Capital Inc. lifted its holdings in SBA Communications by 161.8% in the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after buying an additional 144 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

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.