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

Norges Bank bought a new stake in SBA Communications Co. (NASDAQ:SBAC) during the 4th quarter, HoldingsChannel reports. The fund bought 1,316,423 shares of the technology company’s stock, valued at approximately $268,287,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Oak Thistle LLC increased its holdings in shares of SBA Communications by 76.1% during the fourth quarter. Oak Thistle LLC now owns 6,623 shares of the technology company’s stock valued at $1,350,000 after purchasing an additional 2,863 shares during the period. Czech National Bank increased its stake in SBA Communications by 6.5% during the 4th quarter. Czech National Bank now owns 23,314 shares of the technology company’s stock valued at $4,751,000 after buying an additional 1,421 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its position in shares of SBA Communications by 14,529.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 251,328 shares of the technology company’s stock worth $60,495,000 after buying an additional 249,610 shares in the last quarter. First Hawaiian Bank lifted its stake in shares of SBA Communications by 91.0% in the 4th quarter. First Hawaiian Bank now owns 12,377 shares of the technology company’s stock worth $2,522,000 after acquiring an additional 5,897 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted 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 acquiring 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 subject of a number of research analyst reports. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research report on Tuesday, March 25th. Barclays raised their target price on SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. 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 report on Wednesday, February 26th. BMO Capital Markets restated a “market perform” rating and issued a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Finally, Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $252.85.

Insider Activity

In other news, VP Joshua Koenig sold 2,209 shares of the company’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 value 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 $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.30% of the company’s stock.

SBA Communications Trading Up 0.2 %

Shares of SBA Communications stock opened at $216.84 on Friday. The company has a market cap of $23.34 billion, a P/E ratio of 34.20, a PEG ratio of 0.74 and a beta of 0.74. The business has a 50-day moving average price of $211.31 and a two-hundred day moving average price of $219.36. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $252.64.

SBA Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were issued a $1.11 dividend. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend was Thursday, March 13th. SBA Communications’s dividend payout ratio (DPR) is currently 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.