SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Citigroup Inc.

Citigroup Inc. cut its holdings in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 36.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 86,069 shares of the technology company's stock after selling 49,906 shares during the quarter. Citigroup Inc. owned about 0.08% of SBA Communications worth $20,717,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Ashton Thomas Securities LLC purchased a new position in shares of SBA Communications in the 3rd quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new position in shares of SBA Communications in the 2nd quarter valued at $32,000. Capital Performance Advisors LLP acquired a new position in shares of SBA Communications in the 3rd quarter valued at $35,000. Family Firm Inc. purchased a new position in SBA Communications in the 2nd quarter worth $36,000. Finally, Global X Japan Co. Ltd. acquired a new stake in SBA Communications during the 2nd quarter worth about $49,000. Institutional investors and hedge funds own 97.35% of the company's stock.

Insiders Place Their Bets

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

SBA Communications Price Performance

SBA Communications stock traded up $2.65 during midday trading on Wednesday, reaching $229.24. The company had a trading volume of 18,483 shares, compared to its average volume of 918,704. The firm's fifty day simple moving average is $233.47 and its 200-day simple moving average is $217.86. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76. The company has a market capitalization of $24.65 billion, a P/E ratio of 35.74, a P/E/G ratio of 0.76 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 (EPS) for the quarter, missing analysts' consensus estimates of $3.17 by ($0.77). The business had revenue of $667.60 million for the quarter, compared to analysts' expectations of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. SBA Communications's quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $3.34 EPS. On average, analysts expect that SBA Communications Co. will post 12.56 EPS for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 14th will be issued a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications's dividend payout ratio is presently 61.83%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a "buy" rating in a research note on Wednesday, August 14th. BMO Capital Markets lifted their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. Morgan Stanley upped their price objective on shares of SBA Communications from $232.00 to $252.00 and gave the company an "overweight" rating in a report on Wednesday, September 18th. JPMorgan Chase & Co. raised their target price on shares of SBA Communications from $228.00 to $250.00 and gave the stock a "neutral" rating in a report on Monday, September 23rd. Finally, Royal Bank of Canada upped their target price on SBA Communications from $235.00 to $245.00 and gave the stock an "outperform" rating in a research note on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, SBA Communications presently has an average rating of "Moderate Buy" and an average price target of $257.23.

About SBA Communications

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.