29,747 Shares in SBA Communications Co. (NASDAQ:SBAC) Acquired by Soroban Capital Partners LP

Soroban Capital Partners LP acquired a new stake in shares of SBA Communications Co. (NASDAQ:SBAC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 29,747 shares of the technology company’s stock, valued at approximately $6,062,000. SBA Communications accounts for approximately 0.1% of Soroban Capital Partners LP’s holdings, making the stock its 24th biggest holding.

Several other large investors have also recently made changes to their positions in the stock. Evermay Wealth Management LLC acquired a new stake in SBA Communications in the fourth quarter valued at approximately $27,000. Graney & King LLC purchased a new stake in SBA Communications in the fourth quarter valued at $29,000. Oakworth Capital Inc. grew its holdings in SBA Communications by 161.8% during the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after acquiring an additional 144 shares during the period. CKW Financial Group acquired a new position in shares of SBA Communications in the 4th quarter valued at $56,000. Finally, State of Wyoming grew its position in shares of SBA Communications by 75.8% during the 4th quarter. State of Wyoming now owns 276 shares of the technology company’s stock valued at $56,000 after acquiring an additional 119 shares during the period. 97.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SBAC has been the subject of several research reports. Raymond James reiterated a “strong-buy” rating and set a $268.00 price objective (up from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. BMO Capital Markets increased their price target on SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a report on Tuesday, April 29th. Citigroup upped their price target on SBA Communications from $250.00 to $265.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Citizens Jmp raised SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Wells Fargo & Company raised their price target on SBA Communications from $210.00 to $225.00 and gave the company 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 assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $252.38.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC opened at $233.08 on Monday. SBA Communications Co. has a one year low of $185.44 and a one year high of $252.64. The company has a 50-day simple moving average of $224.46 and a 200-day simple moving average of $215.83. The stock has a market capitalization of $25.08 billion, a price-to-earnings ratio of 36.76, a PEG ratio of 0.74 and a beta of 0.83.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be paid a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 1.90%. The ex-dividend date is Thursday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is presently 60.91%.

Insider Buying and Selling at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction 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 directly owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. The trade was a 26.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jack Langer sold 5,000 shares of the company’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the completion of the sale, the director now directly owns 10,522 shares in the company, valued at $2,531,487.98. This trade represents a 32.21% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is owned by corporate insiders.

SBA Communications 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.