Public Sector Pension Investment Board Grows Stake in SBA Communications Co. (NASDAQ:SBAC)

Public Sector Pension Investment Board grew its position in SBA Communications Co. (NASDAQ:SBAC) by 25.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,732 shares of the technology company’s stock after buying an additional 3,820 shares during the quarter. Public Sector Pension Investment Board’s holdings in SBA Communications were worth $4,509,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Tidal Investments LLC grew its holdings in SBA Communications by 105.4% during the 1st quarter. Tidal Investments LLC now owns 5,279 shares of the technology company’s stock worth $1,144,000 after acquiring an additional 2,709 shares in the last quarter. AMF Tjanstepension AB bought a new position in shares of SBA Communications during the second quarter valued at approximately $8,197,000. Cetera Investment Advisers boosted its stake in shares of SBA Communications by 228.1% during the first quarter. Cetera Investment Advisers now owns 10,394 shares of the technology company’s stock valued at $2,252,000 after purchasing an additional 7,226 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in SBA Communications during the second quarter valued at approximately $12,918,000. Finally, Farther Finance Advisors LLC lifted its holdings in SBA Communications by 32.5% during the third quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock worth $52,000 after buying an additional 53 shares during the period. Institutional investors own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SBAC. JPMorgan Chase & Co. lifted their price target on SBA Communications from $228.00 to $250.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. Deutsche Bank Aktiengesellschaft increased their price target on shares of SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Royal Bank of Canada lifted their price objective on shares of SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research report on Monday, August 5th. The Goldman Sachs Group increased their target price on shares of SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Finally, BMO Capital Markets lifted their price target on shares of SBA Communications from $255.00 to $260.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $257.23.

Insider Buying and Selling

In other news, EVP Donald Day sold 1,500 shares of the stock in a transaction dated 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. This represents a 23.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.30% of the stock is currently owned by insiders.

SBA Communications Stock Down 1.0 %

Shares of NASDAQ SBAC opened at $226.25 on Monday. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76. The firm has a market cap of $24.33 billion, a P/E ratio of 35.69, a P/E/G ratio of 0.76 and a beta of 0.68. The business’s 50 day moving average price is $232.78 and its 200 day moving average price is $218.45.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, October 28th. The technology company reported $2.40 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 analysts’ expectations of $669.29 million. During the same quarter in the previous year, the company earned $3.34 EPS. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. As a group, research analysts expect that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 14th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications’s dividend payout ratio is currently 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.