SBA Communications (NASDAQ:SBAC) Shares Gap Up – Here’s What Happened

SBA Communications Co. (NASDAQ:SBAC) gapped up prior to trading on Thursday . The stock had previously closed at $219.34, but opened at $224.74. SBA Communications shares last traded at $227.54, with a volume of 181,106 shares traded.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SBAC. Barclays lifted their price target on SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Citizens Jmp raised SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. JMP Securities started coverage on SBA Communications in a report on Monday, January 27th. They issued an “outperform” rating and a $250.00 target price on the stock. StockNews.com lowered SBA Communications from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, SBA Communications has a consensus rating of “Moderate Buy” and an average target price of $251.92.

SBA Communications Price Performance

The firm has a market cap of $23.67 billion, a PE ratio of 34.69, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. The company’s 50 day moving average price is $213.48 and its 200 day moving average price is $218.81.

SBA Communications Increases Dividend

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

Insider Buying and Selling

In related news, VP Joshua Koenig sold 2,209 shares of the firm’s stock in a transaction dated 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. This trade represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SBA Communications

Several hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC lifted its stake in shares of SBA Communications by 15.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company’s stock worth $78,000 after purchasing an additional 50 shares during the period. Central Pacific Bank Trust Division lifted its position in shares of SBA Communications by 2.3% during the first quarter. Central Pacific Bank Trust Division now owns 2,250 shares of the technology company’s stock worth $495,000 after purchasing an additional 50 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of SBA Communications by 17.3% during the fourth 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 in the last quarter. Auxano Advisors LLC boosted its stake in shares of SBA Communications by 2.3% during the 4th quarter. Auxano Advisors LLC now owns 2,431 shares of the technology company’s stock valued at $495,000 after buying an additional 54 shares during the last quarter. Finally, DoubleLine ETF Adviser LP grew its holdings in SBA Communications by 0.7% during the 4th quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company’s stock worth $1,577,000 after acquiring an additional 57 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

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.