Ninepoint Partners LP Buys 1,128 Shares of SBA Communications Co. (NASDAQ:SBAC)

Ninepoint Partners LP boosted its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 21.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,508 shares of the technology company’s stock after purchasing an additional 1,128 shares during the period. Ninepoint Partners LP’s holdings in SBA Communications were worth $1,326,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Wealthfront Advisers LLC raised its position in SBA Communications by 23,553.0% in the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company’s stock worth $229,648,000 after acquiring an additional 1,122,064 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in SBA Communications by 377.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock worth $213,353,000 after acquiring an additional 700,791 shares during the period. JPMorgan Chase & Co. raised its position in SBA Communications by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock worth $1,024,049,000 after acquiring an additional 605,872 shares during the period. Victory Capital Management Inc. raised its position in SBA Communications by 46.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company’s stock worth $363,015,000 after acquiring an additional 565,137 shares during the period. Finally, KBC Group NV raised its position in SBA Communications by 212.3% in the fourth quarter. KBC Group NV now owns 410,023 shares of the technology company’s stock worth $83,562,000 after acquiring an additional 278,737 shares during the period. Institutional investors own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SBAC. StockNews.com downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Wells Fargo & Company increased their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. JMP Securities initiated coverage on shares of SBA Communications in a research note on Monday, January 27th. They issued an “outperform” rating and a $250.00 price objective for the company. 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. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $230.00 price objective (down from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $252.54.

SBA Communications Stock Performance

SBAC opened at $218.23 on Friday. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $252.64. The stock has a market capitalization of $23.48 billion, a price-to-earnings ratio of 34.42, a PEG ratio of 0.74 and a beta of 0.74. The company has a fifty day moving average of $207.20 and a 200 day moving average of $220.32.

SBA Communications Increases Dividend

The firm also recently disclosed 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 is a boost from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Thursday, March 13th. SBA Communications’s dividend payout ratio (DPR) is presently 63.98%.

Insiders Place Their Bets

In other SBA Communications news, EVP Donald Day sold 2,321 shares of SBA Communications stock in a transaction on Friday, December 20th. The shares were sold at an average price of $203.43, for a total value of $472,161.03. Following the completion of the transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,016,743.14. This trade represents a 31.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Joshua Koenig sold 2,209 shares of SBA Communications 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 completion of the transaction, the vice president now directly owns 6,079 shares of the company’s stock, valued at $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

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.