Norges Bank Invests $268.29 Million in SBA Communications Co. (NASDAQ:SBAC)

Norges Bank acquired a new stake in SBA Communications Co. (NASDAQ:SBAC) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,316,423 shares of the technology company’s stock, valued at approximately $268,287,000. Norges Bank owned 1.22% of SBA Communications as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its holdings 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 valued at $1,117,697,000 after buying an additional 81,566 shares during the period. JPMorgan Chase & Co. boosted its position in shares of SBA Communications by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock worth $1,024,049,000 after acquiring an additional 605,872 shares during the last quarter. Diamond Hill Capital Management Inc. grew its holdings in SBA Communications by 8.3% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company’s stock valued at $379,290,000 after purchasing an additional 142,054 shares during the period. Victory Capital Management Inc. increased its position in SBA Communications by 46.5% during the fourth 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 last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in SBA Communications by 3.0% during the fourth 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 last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Joshua Koenig sold 2,209 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the transaction, the vice president now owns 6,079 shares in the company, valued at $1,362,790.22. The trade was a 26.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

SBAC has been the subject of several research reports. JMP Securities began coverage on shares of SBA Communications in a research note on Monday, January 27th. They set an “outperform” rating and a $250.00 price objective for the company. Barclays upped their price target on SBA Communications from $240.00 to $244.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. 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 target on shares of SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Finally, Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $252.85.

SBA Communications Trading Up 0.2 %

Shares of SBAC opened at $216.84 on Friday. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $252.64. The stock has a 50 day moving average of $211.31 and a 200-day moving average of $219.36. The firm has a market cap of $23.34 billion, a price-to-earnings ratio of 34.20, a PEG ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were paid a $1.11 dividend. This is an increase from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Thursday, March 13th. SBA Communications’s payout ratio is presently 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.