Bank of Montreal Can lowered its position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 64.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 149,393 shares of the technology company's stock after selling 271,121 shares during the period. Bank of Montreal Can owned approximately 0.14% of SBA Communications worth $30,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Evermay Wealth Management LLC acquired a new stake in shares of SBA Communications during the fourth quarter valued at about $27,000. Graney & King LLC purchased a new position in shares of SBA Communications during the 4th quarter worth approximately $29,000. Oakworth Capital Inc. increased its holdings in SBA Communications by 161.8% in the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock valued at $47,000 after purchasing an additional 144 shares during the last quarter. CKW Financial Group purchased a new stake in SBA Communications in the fourth quarter valued at approximately $56,000. Finally, Sherman Asset Management Inc. acquired a new position in SBA Communications during the fourth quarter worth $73,000. Institutional investors and hedge funds own 97.35% of the company's stock.
Analysts Set New Price Targets
SBAC has been the subject of a number of research reports. BMO Capital Markets reaffirmed a "market perform" rating and issued a $230.00 price objective (down from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. JMP Securities began coverage on shares of SBA Communications in a research note on Monday, January 27th. They set an "outperform" rating and a $250.00 price target on the stock. Barclays raised their price objective on shares of SBA Communications from $240.00 to $244.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Citizens Jmp raised shares of SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. Finally, Morgan Stanley initiated coverage on shares of SBA Communications in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 price target for the company. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $251.92.
Get Our Latest Stock Analysis on SBAC
SBA Communications Price Performance
Shares of SBAC traded up $3.46 during mid-day trading on Wednesday, reaching $228.33. The company's stock had a trading volume of 165,017 shares, compared to its average volume of 889,821. The company's 50 day moving average is $216.05 and its 200 day moving average is $217.26. The stock has a market cap of $24.57 billion, a PE ratio of 36.01, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $252.64.
SBA Communications Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a $1.11 dividend. This is a boost from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.44 annualized dividend and a dividend yield of 1.94%. SBA Communications's dividend payout ratio is presently 63.98%.
Insider Buying and Selling
In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the transaction, the vice president now owns 6,079 shares of the company's stock, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by company insiders.
About SBA Communications
(
Free Report)
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.
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