Cibc World Markets Corp Acquires 5,293 Shares of SBA Communications Co. (NASDAQ:SBAC)

Cibc World Markets Corp lifted its holdings in SBA Communications Co. (NASDAQ:SBAC) by 12.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 48,249 shares of the technology company’s stock after acquiring an additional 5,293 shares during the quarter. Cibc World Markets Corp’s holdings in SBA Communications were worth $9,833,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in SBAC. Evermay Wealth Management LLC bought a new stake in SBA Communications in the fourth quarter worth $27,000. Oakworth Capital Inc. increased its holdings in shares of SBA Communications by 161.8% in the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after buying an additional 144 shares during the period. CKW Financial Group purchased a new position in shares of SBA Communications in the fourth quarter worth about $56,000. Versant Capital Management Inc lifted its stake in shares of SBA Communications by 17.3% in the 4th quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock valued at $73,000 after acquiring an additional 53 shares during the last quarter. Finally, Sherman Asset Management Inc. purchased a new stake in SBA Communications during the 4th quarter valued at about $73,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Insider Transactions at SBA Communications

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the company’s 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 sale, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. This 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 can be accessed through this link. Also, EVP Donald Day sold 2,321 shares of SBA Communications stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $203.43, for a total transaction of $472,161.03. Following the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at $1,016,743.14. The trade was a 31.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SBAC shares. StockNews.com downgraded SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. JMP Securities assumed coverage on shares of SBA Communications in a report on Monday, January 27th. They set an “outperform” rating and a $250.00 price target for the company. Barclays cut their price target on shares of SBA Communications from $254.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, February 20th. BMO Capital Markets restated a “market perform” rating and issued a $230.00 price objective (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $255.00 target price on shares of SBA Communications in a report on Monday, February 24th. 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 company. According to MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and an average target price of $252.54.

SBA Communications Stock Performance

SBAC stock opened at $223.15 on Wednesday. The company has a market capitalization of $24.01 billion, a price-to-earnings ratio of 35.20, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. The business’s 50 day moving average price is $208.18 and its two-hundred day moving average price is $220.21. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week 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 issued a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Thursday, March 13th. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s payout ratio is 63.98%.

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.