SBA Communications Co. (NASDAQ:SBAC) Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 1.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 224,236 shares of the technology company's stock after acquiring an additional 3,207 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of SBA Communications worth $53,974,000 as of its most recent filing with the SEC.

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

SBA Communications Price Performance

NASDAQ SBAC traded up $2.62 on Friday, hitting $221.09. 889,861 shares of the company's stock were exchanged, compared to its average volume of 929,385. The firm's 50-day moving average price is $236.35 and its two-hundred day moving average price is $216.16. The firm has a market cap of $23.77 billion, a price-to-earnings ratio of 34.87, a P/E/G ratio of 0.74 and a beta of 0.68. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings data on Monday, October 28th. The technology company reported $2.40 earnings per share 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 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 revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $3.34 EPS. On average, research analysts predict that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be issued a $0.98 dividend. The ex-dividend date is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a yield of 1.77%. SBA Communications's dividend payout ratio (DPR) is presently 61.83%.

Insider Activity

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the firm'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 completion of the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at approximately $1,213,814.28. This trade represents a 23.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director George R. Krouse, Jr. sold 325 shares of SBA Communications stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the transaction, the director now owns 8,084 shares of the company's stock, valued at approximately $1,775,084.72. The trade was a 3.86 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company's stock.

Analyst Upgrades and Downgrades

SBAC has been the subject of a number of research analyst reports. TD Cowen upped their target price on SBA Communications from $251.00 to $261.00 and gave the company a "buy" rating in a research report on Tuesday, October 29th. StockNews.com upgraded shares of SBA Communications from a "hold" rating to a "buy" rating in a research report on Thursday, November 7th. KeyCorp upped their price target on shares of SBA Communications from $230.00 to $280.00 and gave the company an "overweight" rating in a research report on Monday, October 14th. JPMorgan Chase & Co. lifted their price objective on shares of SBA Communications from $228.00 to $250.00 and gave the company a "neutral" rating in a research note on Monday, September 23rd. Finally, Morgan Stanley increased their target price on shares of SBA Communications from $232.00 to $252.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 18th. 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. Based on data from MarketBeat.com, SBA Communications has a consensus 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.