Korea Investment CORP Acquires 28,200 Shares of SBA Communications Co. (NASDAQ:SBAC)

Korea Investment CORP grew its holdings in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 41.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 96,791 shares of the technology company's stock after purchasing an additional 28,200 shares during the quarter. Korea Investment CORP owned about 0.09% of SBA Communications worth $19,726,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of SBAC. Evermay Wealth Management LLC bought a new stake in SBA Communications in the 4th quarter valued at about $27,000. Graney & King LLC purchased a new stake in shares of SBA Communications during the 4th quarter worth approximately $29,000. Oakworth Capital Inc. grew its stake in shares of SBA Communications by 161.8% during the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock worth $47,000 after acquiring an additional 144 shares during the period. CKW Financial Group bought a new position in SBA Communications during the fourth quarter worth about $56,000. Finally, Versant Capital Management Inc grew its stake in SBA Communications by 17.3% in the 4th 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 in the last quarter. Institutional investors and hedge funds own 97.35% of the company's stock.

SBA Communications Price Performance

SBAC stock traded up $10.66 on Thursday, reaching $230.00. 641,583 shares of the company traded hands, compared to its average volume of 869,859. SBA Communications Co. has a one year low of $183.64 and a one year high of $252.64. The company has a market cap of $24.75 billion, a P/E ratio of 36.28, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. The firm has a fifty day simple moving average of $212.38 and a 200-day simple moving average of $218.90.

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SBA Communications Increases Dividend

The company also recently disclosed 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 1.93%. This is an increase from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date was Thursday, March 13th. SBA Communications's dividend payout ratio is 63.98%.

Insider Activity at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were 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 in the company, valued at $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

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.