Elo Mutual Pension Insurance Co Purchases Shares of 10,856 SBA Communications Co. (NASDAQ:SBAC)

Elo Mutual Pension Insurance Co purchased a new position in shares of SBA Communications Co. (NASDAQ:SBAC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,856 shares of the technology company’s stock, valued at approximately $2,212,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SBAC. Evermay Wealth Management LLC bought a new stake in SBA Communications in the 4th quarter worth approximately $27,000. Graney & King LLC purchased a new stake in shares of SBA Communications in the 4th quarter valued at $29,000. Oakworth Capital Inc. grew its holdings in shares of SBA Communications by 161.8% during the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock valued at $47,000 after purchasing an additional 144 shares during the last quarter. CKW Financial Group purchased a new position in SBA Communications in the 4th quarter worth $56,000. Finally, Sherman Asset Management Inc. purchased a new position in shares of SBA Communications in the fourth quarter worth about $73,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SBAC has been the topic of several analyst reports. BMO Capital Markets reaffirmed a “market perform” rating and issued a $230.00 target price (down from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. Barclays raised their target price on SBA Communications from $240.00 to $244.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a research report on Tuesday, March 25th. Wells Fargo & Company lifted their price objective on SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Finally, Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. 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 stock. According to data from MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and a consensus target price of $252.85.

SBA Communications Price Performance

NASDAQ:SBAC opened at $216.84 on Friday. The firm has a market capitalization of $23.34 billion, a P/E ratio of 34.20, a PEG ratio of 0.74 and a beta of 0.74. SBA Communications Co. has a one year low of $183.64 and a one year high of $252.64. The company’s 50-day simple moving average is $211.31 and its 200 day simple moving average is $219.36.

SBA Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were paid a $1.11 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.44 annualized dividend and a dividend yield of 2.05%. 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 Activity at SBA Communications

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of SBA Communications 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 transaction, the vice president now directly owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.30% of the stock is owned by corporate insiders.

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.