SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Verition Fund Management LLC

Verition Fund Management LLC reduced its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 18.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 145,413 shares of the technology company's stock after selling 32,346 shares during the period. Verition Fund Management LLC owned 0.14% of SBA Communications worth $35,001,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SBAC. B. Riley Wealth Advisors Inc. increased its position in shares of SBA Communications by 16.5% during the first quarter. B. Riley Wealth Advisors Inc. now owns 1,781 shares of the technology company's stock valued at $356,000 after buying an additional 252 shares during the period. Tidal Investments LLC increased its position in shares of SBA Communications by 105.4% during the first quarter. Tidal Investments LLC now owns 5,279 shares of the technology company's stock valued at $1,144,000 after buying an additional 2,709 shares during the period. iA Global Asset Management Inc. increased its position in shares of SBA Communications by 23.5% during the first quarter. iA Global Asset Management Inc. now owns 5,805 shares of the technology company's stock valued at $1,258,000 after buying an additional 1,104 shares during the period. Swedbank AB bought a new stake in shares of SBA Communications during the first quarter valued at about $17,143,000. Finally, Cetera Investment Advisers increased its position in shares of SBA Communications by 228.1% during 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 period. 97.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SBAC. JPMorgan Chase & Co. upped their price objective 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. BMO Capital Markets upped their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. Barclays upped their price objective on shares of SBA Communications from $236.00 to $256.00 and gave the stock an "overweight" rating in a research report on Thursday, October 10th. Wells Fargo & Company upped their price objective on shares of 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, Morgan Stanley upped their price objective on shares of SBA Communications from $232.00 to $252.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 18th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $257.23.

SBA Communications Trading Down 1.0 %

Shares of NASDAQ:SBAC traded down $2.26 during trading on Friday, reaching $226.25. 351,601 shares of the company traded hands, compared to its average volume of 917,920. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $258.76. The firm has a market capitalization of $24.33 billion, a price-to-earnings ratio of 35.69, a P/E/G ratio of 0.77 and a beta of 0.68. The business's fifty day moving average is $232.78 and its 200-day moving average is $218.20.

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 for the quarter, missing the consensus estimate of $3.17 by ($0.77). SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The firm had revenue of $667.60 million during the quarter, compared to analysts' expectations of $669.29 million. During the same quarter in the prior year, the company posted $3.34 earnings per share. SBA Communications's quarterly revenue was down 2.2% compared to the same quarter last year. On average, sell-side 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 disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors 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 dividend yield of 1.73%. The ex-dividend date is Thursday, November 14th. SBA Communications's dividend payout ratio (DPR) is currently 61.83%.

Insider Activity at SBA Communications

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 stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.