CIBC Asset Management Inc Has $4.86 Million Stake in SBA Communications Corporation $SBAC

CIBC Asset Management Inc raised its stake in SBA Communications Corporation (NASDAQ:SBAC) by 68.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,108 shares of the technology company’s stock after buying an additional 10,178 shares during the quarter. CIBC Asset Management Inc’s holdings in SBA Communications were worth $4,857,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. lifted its stake in SBA Communications by 24.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,239,905 shares of the technology company’s stock valued at $239,835,000 after buying an additional 245,939 shares during the period. Capital Innovations LLC acquired a new position in SBA Communications in the fourth quarter valued at about $12,333,000. Natixis Advisors LLC lifted its stake in SBA Communications by 34.9% in the fourth quarter. Natixis Advisors LLC now owns 132,112 shares of the technology company’s stock valued at $25,554,000 after buying an additional 34,167 shares during the period. Easterly Investment Partners LLC acquired a new position in SBA Communications in the fourth quarter valued at about $4,139,000. Finally, Lasalle Investment Management Securities LLC raised its position in shares of SBA Communications by 1.9% during the fourth quarter. Lasalle Investment Management Securities LLC now owns 10,380 shares of the technology company’s stock worth $2,008,000 after purchasing an additional 192 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Price Performance

NASDAQ SBAC opened at $208.02 on Friday. The firm 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 one year low of $162.41 and a one year high of $243.16. The stock’s 50-day moving average is $207.16 and its 200-day moving average is $196.13.

SBA Communications Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SBAC shares. Scotiabank raised their price target on SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. Wells Fargo & Company raised their price target on SBA Communications from $195.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 7th. KeyCorp raised their price target on SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Truist Financial reaffirmed a “buy” rating and set a $248.00 price target (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. Finally, Weiss Ratings raised SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $237.22.

SBA Communications 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.