Cibc World Markets Corp Raises Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Cibc World Markets Corp grew its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 12.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 48,249 shares of the technology company's stock after acquiring an additional 5,293 shares during the period. Cibc World Markets Corp's holdings in SBA Communications were worth $9,833,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in SBAC. Evermay Wealth Management LLC bought a new stake in shares of SBA Communications in the fourth quarter valued at about $27,000. Oakworth Capital Inc. increased its position in SBA Communications by 161.8% during 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 period. CKW Financial Group bought a new stake in shares of SBA Communications in the 4th quarter valued at about $56,000. Versant Capital Management Inc lifted its position 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 worth $73,000 after purchasing an additional 53 shares during the period. Finally, Sherman Asset Management Inc. bought a new position in shares of SBA Communications during the fourth quarter valued at approximately $73,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Price Performance

NASDAQ:SBAC traded up $0.67 during trading hours on Friday, hitting $221.64. 1,208,595 shares of the company were exchanged, compared to its average volume of 849,408. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $252.64. The stock has a market capitalization of $23.85 billion, a price-to-earnings ratio of 34.96, a PEG ratio of 0.74 and a beta of 0.74. The company's 50 day moving average price is $209.59 and its 200-day moving average price is $220.17.

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SBA Communications Increases Dividend

The business also recently disclosed 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. The ex-dividend date is Thursday, March 13th. This is a positive change from SBA Communications's previous quarterly dividend of $0.98. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.00%. SBA Communications's payout ratio is 63.98%.

Insider Activity

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of SBA Communications 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 completion of the sale, the vice president now owns 6,079 shares of the company's stock, valued at approximately $1,362,790.22. The trade was a 26.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.30% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Royal Bank of Canada reissued an "outperform" rating and issued a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. BMO Capital Markets reissued a "market perform" rating and issued a $230.00 price target (down from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Barclays raised their price objective on SBA Communications from $240.00 to $244.00 and gave the company an "overweight" rating in a research report on Friday. Wells Fargo & Company boosted their target price on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. Finally, JMP Securities assumed coverage on shares of SBA Communications in a research report on Monday, January 27th. They issued an "outperform" rating and a $250.00 price objective on the stock. Five equities 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 company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $252.85.

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.