SBA Communications Co. (NASDAQ:SBAC) Stake Lifted by Swedbank AB

Swedbank AB raised its stake in SBA Communications Co. (NASDAQ:SBAC) by 0.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 79,661 shares of the technology company’s stock after buying an additional 410 shares during the quarter. Swedbank AB’s holdings in SBA Communications were worth $19,174,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Victory Capital Management Inc. boosted its stake in SBA Communications by 2,821.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after purchasing an additional 1,174,469 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of SBA Communications during the second quarter valued at approximately $134,738,000. Long Pond Capital LP acquired a new position in shares of SBA Communications during the second quarter worth approximately $83,687,000. AQR Capital Management LLC grew its holdings in SBA Communications by 500.0% in the 2nd quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock worth $72,375,000 after buying an additional 307,530 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its position in SBA Communications by 13.4% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after acquiring an additional 233,179 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SBAC. TD Cowen boosted their price target on SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Barclays raised their target price on shares of SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Royal Bank of Canada upped their price target on shares of SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Finally, StockNews.com upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $257.23.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The trade was a 23.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.30% of the company’s stock.

SBA Communications Stock Performance

SBA Communications stock opened at $225.98 on Tuesday. The firm has a market cap of $24.30 billion, a price-to-earnings ratio of 35.64, a price-to-earnings-growth ratio of 0.75 and a beta of 0.68. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76. The firm’s 50 day moving average price is $233.84 and its two-hundred day moving average price is $217.65.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The company had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. During the same quarter in the previous year, the firm earned $3.34 earnings per share. The business’s revenue was down 2.2% compared to the same quarter last year. As a group, equities analysts predict that SBA Communications Co. will post 12.56 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications’s dividend payout ratio is presently 61.83%.

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.