CIBC Private Wealth Group LLC Sells 6,526 Shares of SBA Communications Co. (NASDAQ:SBAC)

CIBC Private Wealth Group LLC cut its holdings in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 5.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 123,007 shares of the technology company's stock after selling 6,526 shares during the period. CIBC Private Wealth Group LLC owned about 0.11% of SBA Communications worth $24,566,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of SBAC. Exchange Traded Concepts LLC increased its holdings in shares of SBA Communications by 15.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company's stock worth $78,000 after acquiring an additional 50 shares during the period. Versant Capital Management Inc raised its holdings in shares of SBA Communications by 17.3% during the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company's stock valued at $73,000 after buying an additional 53 shares during the last quarter. Auxano Advisors LLC boosted its position in shares of SBA Communications by 2.3% during the fourth quarter. Auxano Advisors LLC now owns 2,431 shares of the technology company's stock worth $495,000 after buying an additional 54 shares during the period. Lake Street Advisors Group LLC grew its holdings in SBA Communications by 5.8% in the 4th quarter. Lake Street Advisors Group LLC now owns 1,105 shares of the technology company's stock worth $225,000 after buying an additional 61 shares in the last quarter. Finally, Orion Portfolio Solutions LLC increased its position in SBA Communications by 1.3% in the 4th quarter. Orion Portfolio Solutions LLC now owns 4,962 shares of the technology company's stock valued at $1,011,000 after acquiring an additional 64 shares during the period. Institutional investors own 97.35% of the company's stock.

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SBA Communications Stock Performance

Shares of NASDAQ:SBAC traded down $9.18 during mid-day trading on Friday, hitting $221.69. The stock had a trading volume of 1,560,956 shares, compared to its average volume of 875,591. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $252.64. The company has a market cap of $23.86 billion, a PE ratio of 34.89, a P/E/G ratio of 0.74 and a beta of 0.74. The company's 50 day moving average is $213.02 and its 200-day moving average is $218.98.

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 given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.00%. 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 payout ratio is presently 63.98%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SBAC. Morgan Stanley assumed coverage on SBA Communications in a research note on Tuesday. They issued an "equal weight" rating and a $240.00 price target for the company. Royal Bank of Canada reissued an "outperform" rating and set a $255.00 target price on shares of SBA Communications in a research note on Monday, February 24th. Citizens Jmp raised shares of SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. JMP Securities started coverage on shares of SBA Communications in a research note on Monday, January 27th. They set an "outperform" rating and a $250.00 price objective on the stock. Finally, Barclays upped their target price on SBA Communications from $240.00 to $244.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. Six analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $251.92.

Insider Transactions at SBA Communications

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the business's stock in a transaction that occurred on 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 of the company's stock, valued at $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.30% of the stock is owned by insiders.

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.