OLD National Bancorp IN boosted its holdings in SBA Communications Co. (NASDAQ:SBAC) by 1.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,050 shares of the technology company’s stock after acquiring an additional 94 shares during the quarter. OLD National Bancorp IN’s holdings in SBA Communications were worth $2,183,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Tuttle Tactical Management bought a new position in SBA Communications in the 3rd quarter valued at about $4,443,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of SBA Communications by 7.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,096 shares of the technology company’s stock worth $6,775,000 after buying an additional 1,886 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of SBA Communications by 3.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 79,395 shares of the technology company’s stock worth $19,146,000 after buying an additional 2,719 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in shares of SBA Communications by 26.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 49,729 shares of the technology company’s stock worth $11,992,000 after buying an additional 10,516 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of SBA Communications by 15.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 38,421 shares of the technology company’s stock worth $9,265,000 after buying an additional 5,267 shares in the last quarter. 93.26% of the stock is currently owned by institutional investors and hedge funds.
In related news, SVP Brian D. Lazarus sold 20,676 shares of SBA Communications stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $261.00, for a total value of $5,396,436.00. Following the completion of the transaction, the senior vice president now directly owns 17,829 shares in the company, valued at approximately $4,653,369. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kurt L. Bagwell sold 17,055 shares of SBA Communications stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $254.72, for a total transaction of $4,344,249.60. Following the completion of the transaction, the executive vice president now owns 57,573 shares of the company’s stock, valued at $14,664,994.56. The disclosure for this sale can be found here. Insiders sold a total of 101,616 shares of company stock valued at $26,774,328 over the last quarter. 2.50% of the stock is owned by company insiders.
Several equities analysts have commented on the stock. BidaskClub cut shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. lowered shares of SBA Communications from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $220.00 to $270.00 in a research note on Thursday, August 1st. Moffett Nathanson restated a “neutral” rating and set a $246.00 price target on shares of SBA Communications in a research note on Monday, July 8th. Morgan Stanley lowered shares of SBA Communications from an “overweight” rating to an “equal” rating and raised their price target for the stock from $222.00 to $249.00 in a research note on Thursday, September 19th. Finally, Cowen raised their price target on shares of SBA Communications from $203.00 to $250.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $238.92.
Shares of SBAC stock traded up $2.05 during trading hours on Wednesday, hitting $247.03. 42,880 shares of the company were exchanged, compared to its average volume of 704,229. The firm has a fifty day simple moving average of $246.15 and a 200 day simple moving average of $230.92. SBA Communications Co. has a 52-week low of $150.52 and a 52-week high of $270.42. The stock has a market capitalization of $27.80 billion, a price-to-earnings ratio of 32.51, a P/E/G ratio of 3.16 and a beta of 0.65.
SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, July 29th. The technology company reported $0.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.86 by ($1.58). SBA Communications had a negative return on equity of 4.12% and a net margin of 6.75%. The company had revenue of $500.10 million for the quarter, compared to analysts’ expectations of $489.09 million. During the same quarter in the previous year, the business earned ($0.50) EPS. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. Research analysts forecast that SBA Communications Co. will post 7.78 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, August 28th were paid a $0.37 dividend. The ex-dividend date was Tuesday, August 27th. This represents a $1.48 dividend on an annualized basis and a yield of 0.60%. SBA Communications’s dividend payout ratio is 19.47%.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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