Bank of Nova Scotia Acquires 843 Shares of SBA Communications Co. (NASDAQ:SBAC)

Bank of Nova Scotia increased its holdings in SBA Communications Co. (NASDAQ:SBAC) by 5.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 16,546 shares of the technology company’s stock after buying an additional 843 shares during the period. Bank of Nova Scotia’s holdings in SBA Communications were worth $3,373,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Evermay Wealth Management LLC bought a new stake in shares of SBA Communications during the 4th quarter valued at $27,000. Graney & King LLC acquired a new stake in SBA Communications during the fourth quarter worth about $29,000. Oakworth Capital Inc. increased its holdings in SBA Communications by 161.8% in the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock valued at $47,000 after buying an additional 144 shares during the period. CKW Financial Group acquired a new position in shares of SBA Communications in the 4th quarter valued at approximately $56,000. Finally, Versant Capital Management Inc lifted its holdings in shares of SBA Communications by 17.3% during the 4th quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock worth $73,000 after acquiring an additional 53 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Barclays boosted their price objective on shares of SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. BMO Capital Markets reiterated a “market perform” rating and issued a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Citizens Jmp upgraded shares of SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Royal Bank of Canada reiterated an “outperform” rating and issued a $255.00 price target on shares of SBA Communications in a research note on Monday, February 24th. Finally, Morgan Stanley assumed coverage on SBA Communications in a research report on Tuesday, April 1st. They set an “equal weight” rating and a $240.00 price objective on the stock. Five 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 stock. According to data from MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and an average target price of $251.92.

Insiders Place Their Bets

In related news, VP Joshua Koenig sold 2,209 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.

SBA Communications Stock Performance

Shares of NASDAQ SBAC opened at $219.18 on Friday. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $252.64. The company’s 50 day moving average price is $215.23 and its 200-day moving average price is $217.44. The company has a market capitalization of $23.59 billion, a P/E ratio of 34.57, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83.

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 of this dividend was Thursday, March 13th. This represents a $4.44 dividend on an annualized basis and a yield of 2.03%. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s dividend payout ratio is 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.