KLP Kapitalforvaltning AS Purchases New Position in SBA Communications Co. (NASDAQ:SBAC)

KLP Kapitalforvaltning AS acquired a new position in shares of SBA Communications Co. (NASDAQ:SBAC) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 34,896 shares of the technology company’s stock, valued at approximately $7,112,000.

Several other hedge funds also recently modified their holdings of the company. Evermay Wealth Management LLC bought a new stake in SBA Communications during the 4th quarter worth approximately $27,000. Oakworth Capital Inc. boosted its stake in SBA Communications by 161.8% in the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after purchasing an additional 144 shares in the last quarter. CKW Financial Group bought a new stake in shares of SBA Communications during the fourth quarter worth $56,000. Versant Capital Management Inc increased its stake in shares of SBA Communications by 17.3% in the fourth 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. Finally, Sherman Asset Management Inc. bought a new position in shares of SBA Communications in the fourth quarter valued at about $73,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Trading Down 1.3 %

SBA Communications stock opened at $218.69 on Tuesday. The firm has a market capitalization of $23.53 billion, a P/E ratio of 34.49, a PEG ratio of 0.74 and a beta of 0.74. The business has a 50-day moving average of $210.06 and a 200-day moving average of $219.90. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $252.64.

SBA Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be paid a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.03%. The ex-dividend date is Thursday, March 13th. This is an increase from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s dividend payout ratio is presently 63.98%.

Insider Transactions at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the sale, the vice president now owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SBAC shares. Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. Barclays raised their price target on shares of SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a report on Friday. StockNews.com downgraded SBA Communications from a “buy” rating to a “hold” rating in a report on Thursday, February 20th. JMP Securities initiated coverage on SBA Communications in a research note on Monday, January 27th. They issued an “outperform” rating and a $250.00 target price for the company. Finally, Wells Fargo & Company upped their price target on SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $252.85.

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.