TCW Group Inc. Invests $3.51 Million in SBA Communications Co. (NASDAQ:SBAC)

TCW Group Inc. bought a new position in SBA Communications Co. (NASDAQ:SBAC - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 14,562 shares of the technology company's stock, valued at approximately $3,505,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Toronto Dominion Bank grew its stake in shares of SBA Communications by 0.7% in the 3rd quarter. Toronto Dominion Bank now owns 64,433 shares of the technology company's stock worth $15,509,000 after buying an additional 427 shares during the last quarter. Coldstream Capital Management Inc. bought a new stake in SBA Communications in the third quarter worth $266,000. Prestige Wealth Management Group LLC grew its stake in shares of SBA Communications by 4,963.3% in the third quarter. Prestige Wealth Management Group LLC now owns 1,519 shares of the technology company's stock worth $366,000 after acquiring an additional 1,489 shares during the last quarter. Vestcor Inc increased its holdings in shares of SBA Communications by 11.5% during the third quarter. Vestcor Inc now owns 36,701 shares of the technology company's stock valued at $8,834,000 after acquiring an additional 3,773 shares in the last quarter. Finally, M&T Bank Corp raised its position in shares of SBA Communications by 11.1% in the 3rd quarter. M&T Bank Corp now owns 4,440 shares of the technology company's stock worth $1,069,000 after purchasing an additional 444 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the company'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 value 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 $1,213,814.28. This represents a 23.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark R. Ciarfella sold 3,545 shares of the firm's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $224.33, for a total transaction of $795,249.85. Following the sale, the executive vice president now owns 33,588 shares in the company, valued at $7,534,796.04. The trade was a 9.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.30% of the company's stock.

Analysts Set New Price Targets

SBAC has been the subject of a number of analyst reports. Raymond James raised their price objective on shares of SBA Communications from $285.00 to $300.00 and gave the company a "strong-buy" rating in a research note on Tuesday, October 29th. Barclays boosted their price objective on shares of SBA Communications from $236.00 to $256.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. KeyCorp increased their target price on SBA Communications from $230.00 to $280.00 and gave the company an "overweight" rating in a research note on Monday, October 14th. JPMorgan Chase & Co. boosted their price target on SBA Communications from $228.00 to $250.00 and gave the stock a "neutral" rating in a research note on Monday, September 23rd. Finally, TD Cowen increased their price objective on SBA Communications from $251.00 to $261.00 and gave the company a "buy" rating in a research report on Tuesday, October 29th. 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 stock. Based on data from MarketBeat, SBA Communications currently has an average rating of "Moderate Buy" and an average target price of $257.23.

SBA Communications Stock Performance

Shares of NASDAQ SBAC traded down $0.16 during midday trading on Thursday, hitting $216.05. 730,797 shares of the company's stock traded hands, compared to its average volume of 913,853. The firm has a fifty day moving average of $229.66 and a 200 day moving average of $219.69. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76. The stock has a market capitalization of $23.23 billion, a price-to-earnings ratio of 34.10, a price-to-earnings-growth ratio of 0.74 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its earnings results on Monday, October 28th. The technology company reported $2.40 EPS for the quarter, missing analysts' consensus estimates of $3.17 by ($0.77). SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The business had revenue of $667.60 million for the quarter, compared to analysts' expectations of $669.29 million. During the same period in the prior year, the company posted $3.34 earnings per share. The firm's quarterly revenue was down 2.2% on a year-over-year basis. On average, equities analysts anticipate that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be issued a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications's dividend payout ratio is presently 61.83%.

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.