Cibc World Market Inc. Raises Position in SBA Communications Corporation $SBAC

Cibc World Market Inc. boosted its stake in SBA Communications Corporation (NASDAQ:SBAC) by 115.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,468 shares of the technology company’s stock after buying an additional 33,412 shares during the quarter. Cibc World Market Inc. owned approximately 0.06% of SBA Communications worth $12,083,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aberdeen Group plc lifted its stake in SBA Communications by 12.4% in the 4th quarter. Aberdeen Group plc now owns 202,452 shares of the technology company’s stock valued at $39,160,000 after buying an additional 22,293 shares in the last quarter. Nordea Investment Management AB lifted its stake in shares of SBA Communications by 5.4% in the fourth quarter. Nordea Investment Management AB now owns 1,245,399 shares of the technology company’s stock worth $241,234,000 after buying an additional 63,323 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of SBA Communications in the fourth quarter worth about $17,915,000. VCI Wealth Management LLC purchased a new position in shares of SBA Communications in the fourth quarter worth about $1,786,000. Finally, ProShare Advisors LLC lifted its stake in shares of SBA Communications by 27.5% in the third quarter. ProShare Advisors LLC now owns 38,988 shares of the technology company’s stock worth $7,538,000 after buying an additional 8,404 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Trading Up 0.1%

NASDAQ:SBAC opened at $208.02 on Friday. The company’s 50-day moving average price is $207.16 and its 200-day moving average price is $196.13. The company has a market cap of $22.06 billion, a P/E ratio of 21.90, a P/E/G ratio of 2.08 and a beta of 0.99. SBA Communications Corporation has a twelve month low of $162.41 and a twelve month high of $243.16.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, May 22nd will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $5.00 dividend on an annualized basis and a yield of 2.4%. SBA Communications’s payout ratio is 52.63%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Barclays raised their price target on shares of SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Morgan Stanley raised their price target on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 9th. Weiss Ratings raised shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. Sanford C. Bernstein assumed coverage on shares of SBA Communications in a research note on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price target on the stock. Finally, KeyCorp raised their price target on shares of SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, SBA Communications presently has a consensus rating of “Moderate Buy” and an average target price of $237.22.

SBA Communications Company Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.