Cerity Partners LLC Buys 2,376 Shares of SBA Communications Co. (NASDAQ:SBAC)

Cerity Partners LLC increased its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 15.6% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,597 shares of the technology company's stock after purchasing an additional 2,376 shares during the period. Cerity Partners LLC's holdings in SBA Communications were worth $4,236,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. raised its holdings in shares of SBA Communications by 2,821.5% during the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company's stock worth $292,714,000 after purchasing an additional 1,174,469 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in SBA Communications during the second quarter worth about $134,738,000. Long Pond Capital LP acquired a new stake in SBA Communications during the second quarter worth about $83,687,000. AQR Capital Management LLC lifted its holdings in SBA Communications by 500.0% in the second quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company's stock worth $72,375,000 after acquiring an additional 307,530 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its stake in SBA Communications by 13.4% in the second 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. 97.35% of the stock is owned by institutional investors.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC traded down $2.26 during trading hours on Friday, hitting $226.25. 351,601 shares of the company's stock traded hands, compared to its average volume of 917,920. The company's fifty day simple moving average is $232.78 and its two-hundred day simple moving average is $218.20. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76. The company has a market cap of $24.33 billion, a price-to-earnings ratio of 35.69, a price-to-earnings-growth ratio of 0.77 and a beta of 0.68.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $667.60 million during the quarter, compared to analysts' expectations of $669.29 million. During the same period last year, the business earned $3.34 earnings per share. The business's revenue was down 2.2% on a year-over-year basis. On average, analysts anticipate that SBA Communications Co. will post 12.56 EPS for the current fiscal year.

SBA Communications Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SBAC. JPMorgan Chase & Co. increased their price target on SBA Communications from $228.00 to $250.00 and gave the stock a "neutral" rating in a research report on Monday, September 23rd. Wells Fargo & Company increased their target price on SBA Communications from $220.00 to $240.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 10th. The Goldman Sachs Group boosted their price target on shares of SBA Communications from $212.00 to $240.00 and gave the company a "neutral" rating in a report on Thursday, September 26th. Morgan Stanley increased their price objective on shares of SBA Communications from $232.00 to $252.00 and gave the stock an "overweight" rating in a report on Wednesday, September 18th. Finally, KeyCorp boosted their target price on shares of SBA Communications from $230.00 to $280.00 and gave the company an "overweight" rating in a research note on Monday, October 14th. 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 stock. Based on data from MarketBeat, SBA Communications has an average rating of "Moderate Buy" and a consensus price target of $257.23.

Insider Activity at SBA Communications

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the company's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the transaction, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,213,814.28. This represents a 23.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by insiders.

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.