Renasant Bank Takes $577,000 Position in SBA Communications Co. (NASDAQ:SBAC)

Renasant Bank acquired a new stake in shares of SBA Communications Co. (NASDAQ:SBAC) during the fourth quarter, HoldingsChannel reports. The fund acquired 2,829 shares of the technology company’s stock, valued at approximately $577,000.

Several other institutional investors also recently bought and sold shares of the business. Oak Thistle LLC boosted its position in 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 in the last quarter. Czech National Bank boosted its holdings in shares of SBA Communications by 6.5% in 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 in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of SBA Communications by 14,529.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 251,328 shares of the technology company’s stock valued at $60,495,000 after buying an additional 249,610 shares in the last quarter. First Hawaiian Bank grew its position 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 buying an additional 5,897 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of SBA Communications by 135.5% during the 3rd quarter. Bank of Montreal Can now owns 420,514 shares of the technology company’s stock worth $100,351,000 after acquiring an additional 241,916 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Joshua Koenig sold 2,209 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of 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 filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Donald Day sold 2,321 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $203.43, for a total transaction of $472,161.03. Following the completion of the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at $1,016,743.14. This trade represents a 31.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

SBA Communications Stock Down 0.9 %

Shares of SBA Communications stock opened at $214.56 on Friday. The firm has a market cap of $23.09 billion, a PE ratio of 33.84, a P/E/G ratio of 0.74 and a beta of 0.74. The business has a 50-day moving average price of $206.87 and a 200 day moving average price of $220.44. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $252.64.

SBA Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be given a dividend of $1.11 per share. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. The ex-dividend date is Thursday, March 13th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.07%. SBA Communications’s dividend payout ratio (DPR) is 63.98%.

Analyst Upgrades and Downgrades

SBAC has been the topic of a number of recent analyst reports. Barclays reduced their price target on SBA Communications from $254.00 to $240.00 and set an “overweight” rating on the stock in a research report on Thursday, February 20th. Wells Fargo & Company increased 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. Citizens Jmp upgraded shares of SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. StockNews.com cut shares of SBA Communications from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and an average price target of $252.54.

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.