Cibc World Markets Corp Boosts Stake in SBA Communications Co. (NASDAQ:SBAC)

Cibc World Markets Corp grew its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 12.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 48,249 shares of the technology company’s stock after buying an additional 5,293 shares during the quarter. Cibc World Markets Corp’s holdings in SBA Communications were worth $9,833,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Ratings Changes

SBAC has been the topic of a number of research analyst reports. BMO Capital Markets reiterated a “market perform” rating and issued a $230.00 target price (down from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. Wells Fargo & Company raised their target price on SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Finally, Citizens Jmp raised SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $252.54.

SBA Communications Trading Up 1.0 %

SBA Communications stock opened at $223.15 on Wednesday. The firm’s 50 day simple moving average is $208.18 and its 200 day simple moving average is $220.21. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $252.64. The firm has a market capitalization of $24.01 billion, a PE ratio of 35.20, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be given a $1.11 dividend. 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 an increase from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s dividend payout ratio (DPR) is 63.98%.

Insider Activity at SBA Communications

In other news, EVP Donald Day sold 2,321 shares of SBA Communications stock in a transaction dated 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 sale, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,016,743.14. This trade represents a 31.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction of $495,213.62. Following the completion of the transaction, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

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.