Benchstone Capital Management LP Purchases New Shares in SBA Communications Co. (NASDAQ:SBAC)

Benchstone Capital Management LP acquired a new position in SBA Communications Co. (NASDAQ:SBAC) during the fourth quarter, HoldingsChannel reports. The fund acquired 164,046 shares of the technology company’s stock, valued at approximately $33,433,000. SBA Communications accounts for approximately 3.5% of Benchstone Capital Management LP’s portfolio, making the stock its 12th largest position.

Several other large investors also recently made changes to their positions in the business. NewEdge Advisors LLC lifted its position in SBA Communications by 23.9% during the 4th quarter. NewEdge Advisors LLC now owns 1,276 shares of the technology company’s stock worth $260,000 after buying an additional 246 shares in the last quarter. Oak Thistle LLC raised its stake in shares of SBA Communications by 76.1% in the fourth quarter. Oak Thistle LLC now owns 6,623 shares of the technology company’s stock worth $1,350,000 after acquiring an additional 2,863 shares during the last quarter. Czech National Bank lifted its position in shares of SBA Communications by 6.5% during the fourth quarter. Czech National Bank now owns 23,314 shares of the technology company’s stock worth $4,751,000 after purchasing an additional 1,421 shares in the last quarter. First Hawaiian Bank grew its stake in shares of SBA Communications by 91.0% during the fourth quarter. First Hawaiian Bank now owns 12,377 shares of the technology company’s stock valued at $2,522,000 after purchasing an additional 5,897 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of SBA Communications by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company’s stock valued at $266,675,000 after purchasing an additional 38,725 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

SBAC has been the topic of a number of recent research reports. Barclays increased their price objective on SBA Communications from $244.00 to $247.00 and gave the company an “overweight” rating in a research report on Tuesday, April 29th. JMP Securities raised their price target on SBA Communications from $250.00 to $270.00 and gave the company a “market outperform” rating in a report on Tuesday, April 29th. Raymond James reissued a “strong-buy” rating and set a $268.00 price objective (up from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Citizens Jmp upgraded shares of SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. Finally, Wells Fargo & Company boosted 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 note on Wednesday, February 26th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $252.38.

SBA Communications Price Performance

NASDAQ SBAC opened at $241.96 on Friday. SBA Communications Co. has a one year low of $185.44 and a one year high of $252.64. The firm has a market cap of $26.04 billion, a P/E ratio of 38.16, a P/E/G ratio of 0.74 and a beta of 0.83. The stock’s 50-day moving average is $221.64 and its 200-day moving average is $216.43.

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 paid a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Thursday, May 22nd. SBA Communications’s payout ratio is currently 60.91%.

Insider Activity

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the stock in a transaction dated 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 approximately $1,362,790.22. This represents a 26.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.92% of the company’s stock.

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.