Cullen Frost Bankers Inc. Trims Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Cullen Frost Bankers Inc. decreased its position in SBA Communications Co. (NASDAQ:SBAC) by 25.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,235 shares of the technology company’s stock after selling 420 shares during the period. Cullen Frost Bankers Inc.’s holdings in SBA Communications were worth $252,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp raised its stake in SBA Communications by 1.8% in the 3rd quarter. State Street Corp now owns 4,643,527 shares of the technology company’s stock worth $1,117,697,000 after acquiring an additional 81,566 shares during the last quarter. JPMorgan Chase & Co. grew its position 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 worth $1,024,049,000 after purchasing an additional 605,872 shares during the period. Victory Capital Management Inc. grew its position in SBA Communications by 46.5% during the 4th quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company’s stock worth $363,015,000 after purchasing an additional 565,137 shares during the period. Charles Schwab Investment Management Inc. grew its position in SBA Communications by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company’s stock worth $266,675,000 after purchasing an additional 38,725 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in SBA Communications by 377.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock worth $213,353,000 after purchasing an additional 700,791 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on SBAC. StockNews.com downgraded SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Citizens Jmp raised SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. JMP Securities began coverage on SBA Communications in a research report on Monday, January 27th. They set an “outperform” rating and a $250.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $255.00 price target on shares of SBA Communications in a research report on Monday, February 24th. Finally, BMO Capital Markets restated a “market perform” rating and set a $230.00 target price (down from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $252.54.

Insiders Place Their Bets

In other news, EVP Donald Day sold 2,321 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 4,998 shares in the company, valued at $1,016,743.14. The trade was a 31.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark R. Ciarfella sold 3,545 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $224.33, for a total value of $795,249.85. Following the transaction, the executive vice president now owns 33,588 shares in the company, 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. 1.30% of the stock is owned by company insiders.

SBA Communications Trading Up 2.3 %

NASDAQ:SBAC opened at $223.73 on Friday. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $252.64. The stock has a 50 day moving average of $205.57 and a two-hundred day moving average of $220.51. The firm has a market cap of $24.06 billion, a P/E ratio of 35.29, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be paid a dividend of $1.11 per share. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a yield of 1.98%. The ex-dividend date is Thursday, March 13th. SBA Communications’s payout ratio is 63.98%.

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.