Icon Wealth Advisors LLC Takes Position in SBA Communications Co. (NASDAQ:SBAC)

Icon Wealth Advisors LLC purchased a new stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 7,317 shares of the technology company's stock, valued at approximately $1,761,000.

Several other institutional investors and hedge funds also recently bought and sold shares of SBAC. Charles Schwab Investment Management Inc. boosted its stake in SBA Communications by 5.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company's stock worth $305,637,000 after purchasing an additional 62,555 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in SBA Communications by 53.1% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 282,536 shares of the technology company's stock worth $68,007,000 after purchasing an additional 97,981 shares in the last quarter. King Luther Capital Management Corp boosted its holdings in SBA Communications by 1.2% in the 3rd quarter. King Luther Capital Management Corp now owns 29,040 shares of the technology company's stock valued at $6,990,000 after purchasing an additional 341 shares during the period. Citizens Financial Group Inc. RI purchased a new position in shares of SBA Communications during the 3rd quarter valued at $4,814,000. Finally, Jennison Associates LLC purchased a new stake in shares of SBA Communications in the third quarter worth $1,693,000. 97.35% of the stock is owned by institutional investors.

SBA Communications Stock Up 0.6 %

Shares of SBA Communications stock traded up $1.23 on Friday, hitting $220.66. The stock had a trading volume of 579,295 shares, compared to its average volume of 1,019,527. SBA Communications Co. has a one year low of $183.64 and a one year high of $258.76. The stock's 50-day simple moving average is $234.22 and its two-hundred day simple moving average is $217.17. The stock has a market cap of $23.73 billion, a price-to-earnings ratio of 34.80, a PEG ratio of 0.74 and a beta of 0.68.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly 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 firm had revenue of $667.60 million during the quarter, compared to the consensus estimate 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 revenue was down 2.2% on a year-over-year basis. During the same period last year, the business earned $3.34 EPS. As a group, equities analysts predict 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. Shareholders of record on Thursday, November 14th will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Thursday, November 14th. SBA Communications's payout ratio is 61.83%.

Analysts Set New Price Targets

Several brokerages have recently commented on SBAC. KeyCorp boosted their price objective on SBA Communications from $230.00 to $280.00 and gave the stock an "overweight" rating in a report on Monday, October 14th. Royal Bank of Canada boosted their price target on shares of SBA Communications from $235.00 to $245.00 and gave the stock an "outperform" rating in a research note on Monday, August 5th. StockNews.com upgraded shares of SBA Communications from a "hold" rating to a "buy" rating in a research report on Thursday, November 7th. BMO Capital Markets lifted their price objective 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. Finally, Wells Fargo & Company increased their target price on SBA Communications from $220.00 to $240.00 and gave the company an "equal weight" rating in a research note on Thursday, October 10th. Three 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 company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $257.23.

Insiders Place Their Bets

In related news, EVP Donald Day sold 1,500 shares of the business's 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 transaction, the executive vice president now owns 4,998 shares in the company, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.30% of the company's stock.

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.