State Street Corp Has $1.12 Billion Stake in SBA Communications Co. (NASDAQ:SBAC)

State Street Corp lifted its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 1.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,643,527 shares of the technology company's stock after acquiring an additional 81,566 shares during the period. State Street Corp owned 4.32% of SBA Communications worth $1,117,697,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBAC. Cetera Investment Advisers raised its position in shares of SBA Communications by 228.1% in the first quarter. Cetera Investment Advisers now owns 10,394 shares of the technology company's stock valued at $2,252,000 after buying an additional 7,226 shares during the last quarter. Cetera Advisors LLC boosted its holdings in shares of SBA Communications by 41.8% during the first quarter. Cetera Advisors LLC now owns 1,670 shares of the technology company's stock worth $362,000 after purchasing an additional 492 shares during the last quarter. CWM LLC grew its position in shares of SBA Communications by 56.4% in the second quarter. CWM LLC now owns 2,952 shares of the technology company's stock valued at $579,000 after purchasing an additional 1,065 shares during the period. Czech National Bank increased its stake in SBA Communications by 7.9% in the second quarter. Czech National Bank now owns 20,475 shares of the technology company's stock valued at $4,019,000 after purchasing an additional 1,493 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in SBA Communications by 10.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 4,126 shares of the technology company's stock worth $810,000 after buying an additional 404 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Raymond James increased their price objective on shares of SBA Communications from $285.00 to $300.00 and gave the stock a "strong-buy" rating in a report on Tuesday, October 29th. Wells Fargo & Company upped their price objective on SBA Communications from $220.00 to $240.00 and gave the stock an "equal weight" rating in a report on Thursday, October 10th. BMO Capital Markets lifted their target price on SBA Communications from $255.00 to $260.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. StockNews.com raised shares of SBA Communications from a "hold" rating to a "buy" rating in a research report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of SBA Communications from $230.00 to $240.00 and gave the company a "buy" rating in a research report on Wednesday, August 14th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $257.23.

SBA Communications Price Performance

SBAC traded down $1.20 during trading on Friday, hitting $220.38. The company had a trading volume of 1,072,271 shares, compared to its average volume of 809,914. The business has a 50-day moving average of $231.02 and a 200-day moving average of $219.09. The company has a market cap of $23.70 billion, a PE ratio of 34.76, a P/E/G ratio of 0.75 and a beta of 0.67. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $258.76.

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 business 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%. The business's revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the business earned $3.34 EPS. Research analysts forecast that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be paid 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 of this dividend is Thursday, November 14th. SBA Communications's payout ratio is currently 61.83%.

Insider Buying and Selling

In related news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction dated Friday, September 13th. The stock was 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 of the company's stock, valued at approximately $1,213,814.28. This trade represents a 23.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by corporate insiders.

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.