Cornercap Investment Counsel Inc. Has $523,000 Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Cornercap Investment Counsel Inc. reduced its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 4.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,568 shares of the technology company’s stock after selling 130 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in SBA Communications were worth $523,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Allstate Corp bought a new stake in shares of SBA Communications in the fourth quarter valued at about $651,000. Brown Brothers Harriman & Co. lifted its position in shares of SBA Communications by 6.0% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,718 shares of the technology company’s stock worth $350,000 after acquiring an additional 97 shares during the period. Orion Portfolio Solutions LLC increased its position in shares of SBA Communications by 1.3% during the fourth quarter. Orion Portfolio Solutions LLC now owns 4,962 shares of the technology company’s stock valued at $1,011,000 after purchasing an additional 64 shares during the period. Pictet Asset Management Holding SA raised its stake in shares of SBA Communications by 0.8% in the fourth quarter. Pictet Asset Management Holding SA now owns 220,756 shares of the technology company’s stock valued at $44,990,000 after purchasing an additional 1,774 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its position in SBA Communications by 0.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 31,136 shares of the technology company’s stock worth $6,346,000 after purchasing an additional 125 shares during the period. 97.35% of the stock is owned by institutional investors.

Insider Buying and Selling 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 stock was sold at an average price of $224.18, for a total value of $495,213.62. Following the transaction, the vice president now owns 6,079 shares in the company, valued at $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

SBAC has been the topic of a number of recent research reports. BMO Capital Markets reaffirmed a “market perform” rating and set a $230.00 price objective (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $255.00 price objective on shares of SBA Communications in a research report on Monday, February 24th. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a research note on Tuesday, March 25th. JMP Securities initiated coverage on SBA Communications in a research report on Monday, January 27th. They issued an “outperform” rating and a $250.00 price objective for the company. Finally, Wells Fargo & Company upped their target price on shares of SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, SBA Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $252.85.

SBA Communications Trading Up 0.2 %

Shares of NASDAQ SBAC opened at $216.84 on Friday. The business’s 50 day moving average is $211.31 and its 200-day moving average is $219.36. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $252.64. The firm has a market cap of $23.34 billion, a P/E ratio of 34.20, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a dividend of $1.11 per share. The ex-dividend date of this dividend was Thursday, March 13th. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 annualized dividend and a dividend yield of 2.05%. SBA Communications’s dividend payout ratio (DPR) is currently 63.98%.

SBA Communications 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.