Procyon Advisors LLC Reduces Position in SBA Communications Co. (NASDAQ:SBAC)

Procyon Advisors LLC reduced its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 71.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,150 shares of the technology company's stock after selling 2,886 shares during the period. Procyon Advisors LLC's holdings in SBA Communications were worth $234,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in SBAC. State Street Corp raised its position in SBA Communications by 1.8% in the third quarter. State Street Corp now owns 4,643,527 shares of the technology company's stock valued at $1,117,697,000 after purchasing an additional 81,566 shares during the last quarter. JPMorgan Chase & Co. boosted its position in SBA Communications by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock worth $1,024,049,000 after buying an additional 605,872 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of SBA Communications by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company's stock worth $305,637,000 after acquiring an additional 62,555 shares during the last quarter. Victory Capital Management Inc. raised its position 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 acquiring an additional 1,174,469 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of SBA Communications by 377.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company's stock worth $213,353,000 after acquiring an additional 700,791 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Donald Day sold 2,321 shares of SBA Communications stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $203.43, for a total value of $472,161.03. Following the completion of the transaction, the executive vice president now owns 4,998 shares of the company's stock, valued at $1,016,743.14. The trade was a 31.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark R. Ciarfella sold 3,545 shares of the company's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $224.33, for a total transaction of $795,249.85. Following the completion of the transaction, the executive vice president now owns 33,588 shares in the company, valued at approximately $7,534,796.04. The trade was a 9.55 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SBAC shares. StockNews.com lowered shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Monday, January 13th. Barclays lowered their target price on shares of SBA Communications from $257.00 to $254.00 and set an "overweight" rating for the company in a research note on Monday, January 13th. The Goldman Sachs Group upped their price target on shares of SBA Communications from $212.00 to $240.00 and gave the company a "neutral" rating in a research report on Thursday, September 26th. Wells Fargo & Company lifted their price objective 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. Finally, BMO Capital Markets restated a "market perform" rating and set a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, SBA Communications presently has a consensus rating of "Moderate Buy" and a consensus target price of $254.77.

SBA Communications Price Performance

SBAC traded down $0.57 during trading on Monday, hitting $203.61. 697,679 shares of the stock traded hands, compared to its average volume of 786,447. The firm has a 50-day moving average of $211.30 and a 200 day moving average of $221.60. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $252.64. The firm has a market capitalization of $21.89 billion, a P/E ratio of 32.12, a price-to-earnings-growth ratio of 0.68 and a beta of 0.69.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly 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). The firm had revenue of $667.60 million for the quarter, compared to the consensus estimate of $669.29 million. SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The company's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.34 earnings per share. 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 disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 14th were paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend was Thursday, November 14th. SBA Communications's payout ratio is currently 61.83%.

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.