Jennison Associates LLC Invests $983,000 in SBA Communications Co. (NASDAQ:SBAC)

Jennison Associates LLC acquired a new position in shares of SBA Communications Co. (NASDAQ:SBAC) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,874 shares of the technology company’s stock, valued at approximately $983,000.

Other hedge funds also recently modified their holdings of the company. Emerald Advisers LLC acquired a new stake in shares of SBA Communications during the third quarter worth approximately $31,000. CVA Family Office LLC acquired a new stake in shares of SBA Communications in the fourth quarter valued at approximately $37,000. Pinnacle Bancorp Inc. increased its holdings in shares of SBA Communications by 73.6% in the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after purchasing an additional 67 shares in the last quarter. Allworth Financial LP increased its holdings in shares of SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after purchasing an additional 45 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in shares of SBA Communications in the fourth quarter valued at approximately $43,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

SBAC has been the subject of a number of research reports. BMO Capital Markets lowered their price target on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a report on Tuesday, February 27th. Barclays lowered their price target on shares of SBA Communications from $260.00 to $255.00 and set an “overweight” rating for the company in a report on Wednesday, April 17th. Finally, Bank of America raised shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target for the company in a report on Thursday, March 7th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, SBA Communications presently has a consensus rating of “Buy” and an average target price of $268.00.

Insider Transactions at SBA Communications

In other news, Director Mary S. Chan sold 1,977 shares of SBA Communications stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total transaction of $430,966.23. Following the transaction, the director now directly owns 4,622 shares of the company’s stock, valued at $1,007,549.78. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.30% of the company’s stock.

SBA Communications Stock Down 0.9 %

Shares of NASDAQ SBAC opened at $196.23 on Friday. The company’s fifty day moving average is $210.01 and its 200-day moving average is $222.70. The stock has a market cap of $21.21 billion, a price-to-earnings ratio of 42.57, a P/E/G ratio of 1.21 and a beta of 0.56. SBA Communications Co. has a twelve month low of $185.23 and a twelve month high of $263.08.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, February 26th. The technology company reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.36). The firm had revenue of $675.00 million for the quarter, compared to the consensus estimate of $682.11 million. SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.11 earnings per share. On average, research analysts anticipate that SBA Communications Co. will post 12.61 EPS for the current fiscal year.

SBA Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.00%. This is a boost from SBA Communications’s previous quarterly dividend of $0.85. The ex-dividend date was Wednesday, March 13th. SBA Communications’s dividend payout ratio (DPR) is currently 85.03%.

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.