CIBC Private Wealth Group LLC Sells 6,526 Shares of SBA Communications Co. (NASDAQ:SBAC)

CIBC Private Wealth Group LLC lowered its stake in SBA Communications Co. (NASDAQ:SBAC) by 5.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 123,007 shares of the technology company’s stock after selling 6,526 shares during the quarter. CIBC Private Wealth Group LLC owned approximately 0.11% of SBA Communications worth $24,566,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SBAC. Evermay Wealth Management LLC acquired a new position in SBA Communications during the 4th quarter worth approximately $27,000. Graney & King LLC bought a new stake in shares of SBA Communications during the fourth quarter worth $29,000. Oakworth Capital Inc. grew its stake in shares of SBA Communications by 161.8% during the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after buying an additional 144 shares during the last quarter. CKW Financial Group acquired a new position in shares of SBA Communications during the fourth quarter worth $56,000. Finally, Versant Capital Management Inc lifted its stake in shares of 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 acquiring an additional 53 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Trading Up 1.5 %

SBAC stock opened at $220.01 on Tuesday. The firm has a market cap of $23.68 billion, a PE ratio of 34.70, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. The stock has a 50-day moving average price of $211.64 and a 200-day moving average price of $219.06. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $252.64.

SBA Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were paid a $1.11 dividend. The ex-dividend date was Thursday, March 13th. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a yield of 2.02%. SBA Communications’s payout ratio is 63.98%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SBAC shares. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research report on Tuesday, March 25th. 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. Citizens Jmp upgraded shares of SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. BMO Capital Markets restated a “market perform” rating and issued a $230.00 price target (down from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Finally, JMP Securities assumed 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. Four analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $252.85.

Insiders Place Their Bets

In other news, VP Joshua Koenig sold 2,209 shares of SBA Communications 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 completion of the sale, the vice president now owns 6,079 shares in the company, valued at $1,362,790.22. The trade was a 26.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.30% 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.