SBA Communications Corporation $SBAC Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 3.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 184,939 shares of the technology company’s stock after selling 7,020 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.17% of SBA Communications worth $29,612,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of SBA Communications by 5.7% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 267,659 shares of the technology company’s stock worth $46,067,000 after buying an additional 14,317 shares during the last quarter. Plato Investment Management Ltd bought a new position in shares of SBA Communications in the 2nd quarter valued at $1,011,000. Nykredit A S bought a new position in shares of SBA Communications in the 2nd quarter valued at $7,298,000. Headlands Technologies LLC boosted its holdings in shares of SBA Communications by 303.5% during the 2nd quarter. Headlands Technologies LLC now owns 8,728 shares of the technology company’s stock valued at $1,540,000 after acquiring an additional 6,565 shares in the last quarter. Finally, Delta Global Management LP acquired a new stake in shares of SBA Communications during the 1st quarter valued at $2,162,000. Institutional investors own 97.35% of the company’s stock.

SBA Communications Stock Down 1.2%

Shares of SBA Communications stock opened at $193.08 on Friday. SBA Communications Corporation has a twelve month low of $156.60 and a twelve month high of $224.46. The stock has a market cap of $20.48 billion, a price-to-earnings ratio of 15.74, a P/E/G ratio of 1.96 and a beta of 0.97. The company’s fifty day moving average is $179.75 and its 200 day moving average is $189.98.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, November 2nd. The technology company reported $2.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.10. The business had revenue of $713.92 million during the quarter, compared to analyst estimates of $724.07 million. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.54%. SBA Communications’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period last year, the company earned $3.30 EPS. As a group, equities analysts anticipate that SBA Communications Corporation will post 11.40 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Thursday, November 12th will be given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Thursday, November 12th. SBA Communications’s dividend payout ratio (DPR) is 53.88%.

Insider Activity

In related news, Director George R. Krouse, Jr. sold 300 shares of SBA Communications stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $182.67, for a total value of $54,801.00. Following the transaction, the director directly owned 8,512 shares of the company’s stock, valued at $1,554,887.04. The trade was a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. TD Cowen upped their target price on SBA Communications from $229.00 to $239.00 and gave the stock a “buy” rating in a report on Tuesday. BMO Capital Markets reissued a “market perform” rating on shares of SBA Communications in a research note on Monday, August 24th. Weiss Ratings upgraded SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 15th. JPMorgan Chase & Co. lowered their price objective on SBA Communications from $220.00 to $200.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, Citigroup reiterated a “market outperform” rating on shares of SBA Communications in a report on Tuesday. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $224.64.

SBA Communications Profile

SBA Communications Corporation is a real estate investment trust that owns and operates wireless communications infrastructure. The company’s portfolio primarily consists of wireless communications towers and related sites that support cellular, wireless broadband, and other communications equipment.

SBA Communications leases antenna space on its towers to wireless service providers, government agencies, and other communications companies. It also provides site development services, including zoning, permitting, construction, and project management, as well as tower construction and acquisition services in selected markets.

Founded in 1989 and headquartered in Boca Raton, Florida, SBA Communications serves customers across the United States and in parts of Central and South America.