Pacer Advisors Inc. raised its position in SBA Communications Co. (NASDAQ:SBAC) by 3.7% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 182,339 shares of the technology company’s stock after acquiring an additional 6,534 shares during the period. SBA Communications makes up about 0.9% of Pacer Advisors Inc.’s holdings, making the stock its 9th largest holding. Pacer Advisors Inc.’s holdings in SBA Communications were worth $50,608,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. ExodusPoint Capital Management LP raised its stake in shares of SBA Communications by 482.4% in the fourth quarter. ExodusPoint Capital Management LP now owns 16,383 shares of the technology company’s stock valued at $4,622,000 after buying an additional 13,570 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in shares of SBA Communications by 2.7% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 20,021 shares of the technology company’s stock valued at $5,649,000 after purchasing an additional 517 shares during the period. IBM Retirement Fund raised its stake in shares of SBA Communications by 14.2% during the 4th quarter. IBM Retirement Fund now owns 4,106 shares of the technology company’s stock valued at $1,158,000 after purchasing an additional 512 shares during the period. Great West Life Assurance Co. Can raised its stake in shares of SBA Communications by 8.6% during the 3rd quarter. Great West Life Assurance Co. Can now owns 124,685 shares of the technology company’s stock valued at $39,649,000 after purchasing an additional 9,886 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in shares of SBA Communications by 1.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 98,690 shares of the technology company’s stock valued at $27,843,000 after purchasing an additional 1,231 shares during the period. Hedge funds and other institutional investors own 93.90% of the company’s stock.
In other news, Director Kevin L. Beebe sold 826 shares of the firm’s stock in a transaction on Thursday, March 11th. The stock was sold at an average price of $259.46, for a total value of $214,313.96. Following the transaction, the director now directly owns 15,107 shares in the company, valued at approximately $3,919,662.22. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Kurt L. Bagwell sold 4,278 shares of the firm’s stock in a transaction on Tuesday, March 9th. The stock was sold at an average price of $246.09, for a total value of $1,052,773.02. Following the completion of the transaction, the executive vice president now owns 33,710 shares in the company, valued at $8,295,693.90. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.
SBAC has been the subject of several recent analyst reports. KeyCorp upgraded SBA Communications from a “sector weight” rating to an “overweight” rating and set a $313.00 target price for the company in a research report on Wednesday, March 31st. Wells Fargo & Company cut their price objective on SBA Communications from $350.00 to $325.00 and set an “overweight” rating for the company in a report on Thursday, December 10th. Wolfe Research began coverage on SBA Communications in a research note on Thursday, March 18th. They issued an “outperform” rating for the company. Morgan Stanley boosted their target price on SBA Communications from $309.00 to $316.00 and gave the company an “equal weight” rating in a research note on Friday, December 11th. Finally, JPMorgan Chase & Co. lowered SBA Communications from an “overweight” rating to a “neutral” rating and set a $305.00 target price for the company. in a research report on Monday, February 8th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $310.83.
SBAC traded down $1.08 during trading on Thursday, hitting $283.11. 4,528 shares of the company’s stock traded hands, compared to its average volume of 790,811. The company’s 50 day simple moving average is $263.33 and its two-hundred day simple moving average is $281.52. SBA Communications Co. has a 12-month low of $232.88 and a 12-month high of $328.37. The stock has a market capitalization of $30.95 billion, a price-to-earnings ratio of -1,894.47 and a beta of 0.21.
SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Sunday, February 21st. The technology company reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.42. The firm had revenue of $536.00 million during the quarter, compared to analysts’ expectations of $530.25 million. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business earned $0.55 earnings per share. As a group, sell-side analysts anticipate that SBA Communications Co. will post 8.8 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, March 26th. Stockholders of record on Wednesday, March 10th were paid a $0.58 dividend. This is an increase from SBA Communications’s previous quarterly dividend of $0.47. This represents a $2.32 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date was Tuesday, March 9th. SBA Communications’s dividend payout ratio (DPR) is 27.33%.
SBA Communications Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By ÂBuilding Better Wireless,Â SBA generates revenue from two primary businesses Â- site leasing and site development services.
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