CANADA LIFE ASSURANCE Co Raises Stake in SBA Communications Co. (NASDAQ:SBAC)

CANADA LIFE ASSURANCE Co boosted its stake in SBA Communications Co. (NASDAQ:SBAC) by 6.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 160,267 shares of the technology company’s stock after purchasing an additional 9,384 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in SBA Communications were worth $32,640,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in SBAC. Avenir Corp increased its holdings in SBA Communications by 20.0% during the 4th quarter. Avenir Corp now owns 66,045 shares of the technology company’s stock worth $13,460,000 after acquiring an additional 11,014 shares during the period. Farringdon Capital Ltd. bought a new position in shares of SBA Communications in the fourth quarter worth $1,101,000. Marshall Wace LLP purchased a new stake in shares of SBA Communications in the fourth quarter worth $49,297,000. NewEdge Advisors LLC boosted its stake in SBA Communications by 23.9% during the fourth quarter. NewEdge Advisors LLC now owns 1,276 shares of the technology company’s stock valued at $260,000 after buying an additional 246 shares during the period. Finally, Dodge & Cox boosted its stake in SBA Communications by 352.5% during the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock valued at $1,497,167,000 after buying an additional 5,722,740 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Price Performance

SBAC opened at $229.06 on Friday. The stock’s 50 day simple moving average is $217.30 and its 200 day simple moving average is $217.15. The firm has a market cap of $24.65 billion, a price-to-earnings ratio of 36.13, a PEG ratio of 0.74 and a beta of 0.83. 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 declared a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were given a dividend of $1.11 per share. The ex-dividend date was Thursday, March 13th. This represents a $4.44 annualized dividend and a yield of 1.94%. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s dividend payout ratio is presently 63.98%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SBAC shares. Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. Morgan Stanley assumed coverage on shares of SBA Communications in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $240.00 price target for the company. JMP Securities assumed coverage on shares of SBA Communications in a report on Monday, January 27th. They issued an “outperform” rating and a $250.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $255.00 price objective on shares of SBA Communications in a report on Monday, February 24th. Finally, StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a research note on Friday. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $251.92.

Insiders Place Their Bets

In other news, VP Joshua Koenig sold 2,209 shares of the business’s stock in a transaction that occurred 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

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.