Principal Financial Group Inc. Sells 56,913 Shares of SBA Communications Co. (NASDAQ:SBAC)

Principal Financial Group Inc. lowered its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 1.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,147,161 shares of the technology company's stock after selling 56,913 shares during the quarter. Principal Financial Group Inc. owned 3.86% of SBA Communications worth $998,220,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of SBAC. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of SBA Communications in the 2nd quarter valued at approximately $134,738,000. Long Pond Capital LP purchased a new position in SBA Communications during the 2nd quarter valued at about $83,687,000. AQR Capital Management LLC raised its position in SBA Communications by 500.0% during 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. Diamond Hill Capital Management Inc. lifted its stake in SBA Communications by 13.4% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company's stock valued at $387,470,000 after buying an additional 233,179 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of SBA Communications by 1,305.8% in the first quarter. Janus Henderson Group PLC now owns 224,985 shares of the technology company's stock valued at $48,732,000 after acquiring an additional 208,981 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

Insider Activity at SBA Communications

In related news, Director George R. Krouse, Jr. sold 325 shares of the business's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the transaction, the director now directly owns 8,084 shares in the company, valued at approximately $1,775,084.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other SBA Communications news, EVP Donald Day sold 1,500 shares of the firm'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 transaction of $364,290.00. Following the completion of the sale, the executive vice president now directly owns 4,998 shares in the company, valued at $1,213,814.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director George R. Krouse, Jr. sold 325 shares of SBA Communications stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the sale, the director now owns 8,084 shares of the company's stock, valued at approximately $1,775,084.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company's stock.

SBA Communications Trading Up 1.4 %

SBA Communications stock traded up $2.99 on Thursday, reaching $221.74. 1,447,050 shares of the stock were exchanged, compared to its average volume of 923,379. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $258.76. The firm has a fifty day moving average price of $237.80 and a two-hundred day moving average price of $215.20. The stock has a market cap of $23.83 billion, a PE ratio of 34.50, a PEG ratio of 0.68 and a beta of 0.68.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued 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 company had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The company's quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $3.34 earnings per share. Equities analysts anticipate that SBA Communications Co. will post 12.56 EPS for the current fiscal year.

SBA Communications Announces Dividend

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 given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications's dividend payout ratio is 61.83%.

Analyst Ratings Changes

SBAC has been the subject of a number of recent analyst reports. Morgan Stanley boosted their target price 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. boosted their target price on shares of SBA Communications from $228.00 to $250.00 and gave the stock a "neutral" rating in a research report on Monday, September 23rd. Raymond James boosted their price target on SBA Communications from $285.00 to $300.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft upped their price target on shares of SBA Communications from $230.00 to $240.00 and gave the company a "buy" rating in a report on Wednesday, August 14th. Finally, Barclays upped their target price on shares of SBA Communications from $236.00 to $256.00 and gave the company an "overweight" rating in a research note on Thursday, October 10th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $257.23.

SBA Communications Company 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.