CIBC Asset Management Inc Purchases 10,178 Shares of SBA Communications Corporation $SBAC

CIBC Asset Management Inc increased its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 68.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 SEC filing.

A number of other hedge funds have also modified their holdings of the company. Aberdeen Group plc grew its stake in SBA Communications by 12.4% in the fourth quarter. Aberdeen Group plc now owns 202,452 shares of the technology company’s stock valued at $39,160,000 after purchasing an additional 22,293 shares in the last quarter. Nordea Investment Management AB grew its stake in 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 valued at $241,234,000 after purchasing an additional 63,323 shares in the last quarter. OFI Invest Asset Management bought a new position in SBA Communications in the fourth quarter valued at approximately $17,915,000. VCI Wealth Management LLC bought a new position in SBA Communications in the fourth quarter valued at approximately $1,786,000. Finally, ProShare Advisors LLC grew its stake in SBA Communications by 27.5% in the third quarter. ProShare Advisors LLC now owns 38,988 shares of the technology company’s stock valued at $7,538,000 after purchasing an additional 8,404 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Scotiabank raised their price target on SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. KeyCorp lifted their target price on SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Weiss Ratings upgraded SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. Barclays lifted their target price on SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Finally, Morgan Stanley lifted their target price on SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $237.22.

SBA Communications Trading Up 0.1%

Shares of NASDAQ SBAC opened at $208.02 on Friday. SBA Communications Corporation has a 12 month low of $162.41 and a 12 month high of $243.16. The stock has a 50 day moving average of $207.16 and a 200-day moving average of $196.13. The company has a market capitalization 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 Dividend Announcement

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

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.