CANADA LIFE ASSURANCE Co Purchases 9,384 Shares of SBA Communications Co. (NASDAQ:SBAC)

CANADA LIFE ASSURANCE Co lifted its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 6.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 160,267 shares of the technology company's stock after purchasing an additional 9,384 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.15% of SBA Communications worth $32,640,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Dodge & Cox grew its position in SBA Communications by 352.5% during the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after acquiring an additional 5,722,740 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of SBA Communications by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock valued at $1,024,049,000 after purchasing an additional 605,872 shares during the last quarter. Geode Capital Management LLC raised its position in SBA Communications by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock worth $586,827,000 after purchasing an additional 71,023 shares during the period. Cohen & Steers Inc. lifted its stake in SBA Communications by 29.8% in the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock worth $383,762,000 after purchasing an additional 432,644 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its position in SBA Communications by 8.3% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company's stock valued at $379,290,000 after buying an additional 142,054 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Insider Activity at SBA Communications

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction 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. The trade was a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

SBA Communications Stock Performance

Shares of NASDAQ SBAC traded up $0.88 during mid-day trading on Thursday, hitting $224.78. 312,078 shares of the stock traded hands, compared to its average volume of 902,328. The stock has a fifty day moving average price of $218.48 and a 200-day moving average price of $216.90. The company has a market cap of $24.19 billion, a price-to-earnings ratio of 35.38, a PEG ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $252.64.

SBA Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were paid a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 1.98%. This is a positive change from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Thursday, March 13th. SBA Communications's dividend payout ratio (DPR) is presently 63.98%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price 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. JMP Securities began coverage on shares of SBA Communications in a report on Monday, January 27th. They issued an "outperform" rating and a $250.00 target price on the stock. Morgan Stanley initiated coverage on shares of SBA Communications in a report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 price target for the company. Royal Bank of Canada reissued an "outperform" rating and issued a $255.00 price target on shares of SBA Communications in a report on Monday, February 24th. Finally, Citizens Jmp raised shares of SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $251.92.

SBA Communications 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.