SBA Communications (NASDAQ:SBAC) Shares Gap Up Following Dividend Announcement

SBA Communications Co. (NASDAQ:SBAC - Get Free Report)'s stock price gapped up prior to trading on Tuesday after the company announced a dividend. The stock had previously closed at $223.28, but opened at $234.08. SBA Communications shares last traded at $236.38, with a volume of 19,792 shares trading hands.

The newly announced dividend which will be paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd will be paid a dividend of $1.11 per share. The ex-dividend date is Thursday, May 22nd. This represents a $4.44 annualized dividend and a dividend yield of 1.84%. SBA Communications's dividend payout ratio (DPR) is presently 60.91%.

Analysts Set New Price Targets

SBAC has been the topic of several analyst reports. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $255.00 price target on shares of SBA Communications in a report on Monday, February 24th. BMO Capital Markets boosted their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a report on Tuesday, April 29th. Citizens Jmp raised shares of SBA Communications to a "strong-buy" rating in a research report on Monday, January 27th. Raymond James reaffirmed a "strong-buy" rating and issued a $268.00 price objective (up from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Finally, Barclays raised their target price on shares of SBA Communications from $244.00 to $247.00 and gave the stock an "overweight" rating in a report on Tuesday, April 29th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, SBA Communications has a consensus rating of "Moderate Buy" and a consensus target price of $252.38.

SBA Communications Price Performance

The company has a market capitalization of $26.04 billion, a price-to-earnings ratio of 38.16, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. The firm has a fifty day simple moving average of $221.64 and a 200 day simple moving average of $216.43.

Insider Buying and Selling

In other news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total value 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 trade represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.92% of the stock is owned by insiders.

Institutional Investors Weigh In On SBA Communications

Several large investors have recently bought and sold shares of the company. Evermay Wealth Management LLC acquired a new position in SBA Communications in the 4th quarter valued at $27,000. Independence Bank of Kentucky purchased a new position in SBA Communications in the 1st quarter worth approximately $28,000. Graney & King LLC acquired a new position in shares of SBA Communications during the 4th quarter worth approximately $29,000. Allworth Financial LP increased its holdings in shares of SBA Communications by 62.0% in the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after purchasing an additional 62 shares during the last quarter. Finally, NBC Securities Inc. lifted its position in SBA Communications by 1,575.0% during the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after buying an additional 189 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

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.