Raymond James Financial Inc. Takes $20.77 Million Position in SBA Communications Co. (NASDAQ:SBAC)

Raymond James Financial Inc. purchased a new stake in SBA Communications Co. (NASDAQ:SBAC) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 101,892 shares of the technology company’s stock, valued at approximately $20,765,000. Raymond James Financial Inc. owned 0.09% of SBA Communications as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Oak Thistle LLC raised its stake in shares of SBA Communications by 76.1% in the 4th quarter. Oak Thistle LLC now owns 6,623 shares of the technology company’s stock valued at $1,350,000 after acquiring an additional 2,863 shares during the period. Czech National Bank increased its stake in SBA Communications by 6.5% during the 4th quarter. Czech National Bank now owns 23,314 shares of the technology company’s stock worth $4,751,000 after buying an additional 1,421 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its stake in SBA Communications by 14,529.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 251,328 shares of the technology company’s stock worth $60,495,000 after buying an additional 249,610 shares during the period. First Hawaiian Bank increased its stake in SBA Communications by 91.0% during the 4th quarter. First Hawaiian Bank now owns 12,377 shares of the technology company’s stock worth $2,522,000 after buying an additional 5,897 shares during the period. Finally, Bank of Montreal Can increased its stake in SBA Communications by 135.5% during the 3rd quarter. Bank of Montreal Can now owns 420,514 shares of the technology company’s stock worth $100,351,000 after buying an additional 241,916 shares during the period. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Joshua Koenig sold 2,209 shares of the company’s stock in a transaction on 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 represents a 26.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Donald Day sold 2,321 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $203.43, for a total transaction of $472,161.03. Following the completion of the sale, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,016,743.14. This trade represents a 31.71 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $255.00 target price on shares of SBA Communications in a research note on Monday, February 24th. Barclays cut their target price on shares of SBA Communications from $254.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, February 20th. JMP Securities assumed coverage on shares of SBA Communications in a research note on Monday, January 27th. They set an “outperform” rating and a $250.00 target price on the stock. StockNews.com cut shares of SBA Communications from a “buy” rating to a “hold” rating in a report on Thursday, February 20th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $252.54.

SBA Communications Trading Up 1.7 %

Shares of SBA Communications stock opened at $218.23 on Monday. The company has a fifty day simple moving average of $207.20 and a 200-day simple moving average of $220.27. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $252.64. The stock has a market cap of $23.48 billion, a price-to-earnings ratio of 34.42, a PEG ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be issued a $1.11 dividend. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $4.44 annualized dividend and a dividend yield of 2.03%. SBA Communications’s dividend payout ratio is presently 63.98%.

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.