SBA Communications (NASDAQ:SBAC) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of SBA Communications (NASDAQ:SBAC) in a research report released on Tuesday morning, MarketBeat reports. The firm issued an equal weight rating and a $240.00 target price on the technology company’s stock.

A number of other equities research analysts also recently issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. JMP Securities started coverage on shares of SBA Communications in a research report on Monday, January 27th. They set an “outperform” rating and a $250.00 price target on the stock. Citizens Jmp upgraded shares of SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a report on Tuesday, March 25th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $251.92.

SBA Communications Stock Performance

SBAC opened at $220.42 on Tuesday. SBA Communications has a 52-week low of $183.64 and a 52-week high of $252.64. The firm has a market cap of $23.72 billion, a P/E ratio of 34.77, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. The business’s fifty day moving average is $211.96 and its 200-day moving average is $218.90.

SBA Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were given a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date was Thursday, March 13th. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s payout ratio is 63.98%.

Insider Activity

In related 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 sale, the vice president now directly owns 6,079 shares in the company, valued at $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Evermay Wealth Management LLC bought a new position in SBA Communications during the fourth quarter worth $27,000. Graney & King LLC acquired a new stake in SBA Communications during the 4th quarter worth about $29,000. Oakworth Capital Inc. raised its position in shares of SBA Communications by 161.8% in the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after acquiring an additional 144 shares in the last quarter. CKW Financial Group acquired a new position in shares of SBA Communications in the 4th quarter valued at about $56,000. Finally, State of Wyoming boosted 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 purchasing an additional 119 shares in the last quarter. Institutional investors and hedge funds own 97.35% 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.