SBA Communications (NASDAQ:SBAC) Shares Gap Up Following Dividend Announcement

SBA Communications Co. (NASDAQ:SBAC) gapped up before the market opened on Tuesday after the company announced a dividend. The stock had previously closed at $223.28, but opened at $234.08. SBA Communications shares last traded at $236.38, with a volume of 19,792 shares traded.

The newly announced dividend which will be paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd will be issued a dividend of $1.11 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.44 annualized dividend and a yield of 1.82%. SBA Communications’s dividend payout ratio is presently 63.98%.

Analyst Ratings Changes

Several research firms have issued reports on SBAC. Raymond James restated a “strong-buy” rating and set a $268.00 price objective (up from $265.00) on shares of SBA Communications in a report on Tuesday. Barclays boosted their price target on SBA Communications from $244.00 to $247.00 and gave the company an “overweight” rating in a report on Tuesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $255.00 price target on shares of SBA Communications in a report on Monday, February 24th. Morgan Stanley began coverage on SBA Communications in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $240.00 price target for the company. Finally, JMP Securities boosted their price target on SBA Communications from $250.00 to $270.00 and gave the company a “market outperform” rating in a report on Tuesday. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $252.38.

SBA Communications Stock Up 2.1 %

The stock has a market cap of $26.19 billion, a P/E ratio of 38.39, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. The firm’s 50-day moving average is $220.63 and its two-hundred day moving average is $216.70.

Insider Transactions at SBA Communications

In other news, VP Joshua Koenig sold 2,209 shares of the firm’s stock in a transaction 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 sale, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.92% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Independence Bank of Kentucky acquired a new position in SBA Communications in the first quarter worth about $28,000. Evermay Wealth Management LLC bought a new stake in shares of SBA Communications during the fourth quarter valued at approximately $27,000. Graney & King LLC bought a new stake in shares of SBA Communications during the fourth quarter valued at approximately $29,000. Allworth Financial LP grew its stake in shares of SBA Communications by 62.0% during the first quarter. Allworth Financial LP now owns 162 shares of the technology company’s stock valued at $36,000 after purchasing an additional 62 shares during the last quarter. Finally, NBC Securities Inc. grew its stake in shares of SBA Communications by 1,575.0% during the first quarter. NBC Securities Inc. now owns 201 shares of the technology company’s stock valued at $44,000 after purchasing an additional 189 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

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.