Geode Capital Management LLC Has $586.83 Million Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Geode Capital Management LLC grew its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 2.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,886,158 shares of the technology company’s stock after buying an additional 71,023 shares during the quarter. Geode Capital Management LLC’s holdings in SBA Communications were worth $586,827,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in SBAC. FMR LLC boosted its stake in SBA Communications by 18.1% during the 3rd quarter. FMR LLC now owns 387,967 shares of the technology company’s stock valued at $93,384,000 after purchasing an additional 59,368 shares during the last quarter. Townsquare Capital LLC boosted its position in shares of SBA Communications by 36.2% during the third quarter. Townsquare Capital LLC now owns 1,867 shares of the technology company’s stock valued at $449,000 after buying an additional 496 shares during the last quarter. Erste Asset Management GmbH bought a new stake in SBA Communications during the third quarter worth $265,000. HighTower Advisors LLC raised its position in SBA Communications by 1.4% in the 3rd quarter. HighTower Advisors LLC now owns 46,252 shares of the technology company’s stock valued at $11,062,000 after buying an additional 655 shares during the last quarter. Finally, Rush Island Management LP bought a new position in SBA Communications during the 3rd quarter valued at $47,901,000. 97.35% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. StockNews.com lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a research note on Wednesday. Wells Fargo & Company increased their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. JMP Securities initiated coverage on SBA Communications in a research note on Monday, January 27th. They issued an “outperform” rating and a $250.00 target price on the stock. Citizens Jmp raised SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. Finally, Morgan Stanley began coverage on SBA Communications in a report on Tuesday. They set an “equal weight” rating and a $240.00 price target on the stock. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $251.92.

SBA Communications Stock Performance

Shares of SBA Communications stock opened at $230.87 on Friday. The stock has a market capitalization of $24.85 billion, a price-to-earnings ratio of 36.41, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. The company has a fifty day moving average of $213.02 and a 200-day moving average of $218.98. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $252.64.

SBA Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 1.92%. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Thursday, March 13th. SBA Communications’s dividend payout ratio (DPR) is presently 63.98%.

Insiders Place Their Bets

In other news, VP Joshua Koenig sold 2,209 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the transaction, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

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.