34,896 Shares in SBA Communications Co. (NASDAQ:SBAC) Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS acquired a new position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 34,896 shares of the technology company's stock, valued at approximately $7,112,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. lifted its holdings in shares of SBA Communications by 11.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 17,742 shares of the technology company's stock worth $4,270,000 after acquiring an additional 1,799 shares during the period. Cerity Partners LLC raised its position in SBA Communications by 15.6% during the third quarter. Cerity Partners LLC now owns 17,597 shares of the technology company's stock valued at $4,236,000 after purchasing an additional 2,376 shares in the last quarter. Swedbank AB lifted its stake in SBA Communications by 0.5% during the third quarter. Swedbank AB now owns 79,661 shares of the technology company's stock worth $19,174,000 after purchasing an additional 410 shares during the last quarter. Summit Trail Advisors LLC boosted its holdings in shares of SBA Communications by 5.8% in the 3rd quarter. Summit Trail Advisors LLC now owns 5,423 shares of the technology company's stock valued at $1,305,000 after purchasing an additional 299 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in shares of SBA Communications by 5.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,621 shares of the technology company's stock valued at $390,000 after purchasing an additional 80 shares during the last quarter. Institutional investors own 97.35% of the company's stock.

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Insiders Place Their Bets

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the 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 directly owns 6,079 shares in the company, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.30% of the company's stock.

SBA Communications Stock Up 0.2 %

Shares of NASDAQ SBAC traded up $0.46 during trading on Friday, reaching $216.84. The company had a trading volume of 533,757 shares, compared to its average volume of 871,640. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $252.64. The stock has a market cap of $23.34 billion, a P/E ratio of 34.20, a PEG ratio of 0.74 and a beta of 0.74. The company's fifty day moving average price is $211.31 and its 200-day moving average price is $219.52.

SBA Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Thursday, March 13th. This is an increase from SBA Communications's previous quarterly dividend of $0.98. SBA Communications's dividend payout ratio is currently 63.98%.

Analyst Ratings Changes

Several research firms recently weighed in on SBAC. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. JMP Securities initiated coverage on shares of SBA Communications in a report on Monday, January 27th. They set an "outperform" rating and a $250.00 price target on the stock. BMO Capital Markets reiterated a "market perform" rating and set a $230.00 price objective (down from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Citizens Jmp upgraded shares of SBA Communications to a "strong-buy" rating in a research report on Monday, January 27th. Finally, 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 research note on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target 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.