Zurcher Kantonalbank Zurich Cantonalbank Lowers Stake in SBA Communications Co. (NASDAQ:SBAC)

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 50.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,948 shares of the technology company's stock after selling 28,846 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in SBA Communications were worth $6,727,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Diamond Hill Capital Management Inc. grew its stake in SBA Communications by 13.4% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company's stock valued at $387,470,000 after purchasing an additional 233,179 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in SBA Communications by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company's stock valued at $305,637,000 after buying an additional 62,555 shares during the last quarter. Victory Capital Management Inc. increased its holdings in SBA Communications by 2,821.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company's stock worth $292,714,000 after buying an additional 1,174,469 shares during the period. American Century Companies Inc. raised its position in SBA Communications by 15.5% during the 2nd quarter. American Century Companies Inc. now owns 1,190,288 shares of the technology company's stock worth $233,654,000 after buying an additional 159,433 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in SBA Communications by 9.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 874,945 shares of the technology company's stock valued at $210,600,000 after acquiring an additional 72,255 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Donald Day sold 1,500 shares of the business's stock in a transaction 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 sale, the executive vice president now directly owns 4,998 shares of the company's stock, valued at $1,213,814.28. The trade was a 23.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.30% of the company's stock.

SBA Communications Stock Down 1.5 %

NASDAQ SBAC traded down $3.31 during trading hours on Monday, hitting $222.94. 644,263 shares of the company were exchanged, compared to its average volume of 916,740. The company has a 50 day moving average of $232.78 and a two-hundred day moving average of $218.45. The firm has a market cap of $23.97 billion, a price-to-earnings ratio of 35.16, a PEG ratio of 0.76 and a beta of 0.68. SBA Communications Co. has a 52-week low of $183.64 and a 52-week 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 for the quarter, missing the consensus estimate 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 firm had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. During the same period last year, the business earned $3.34 EPS. The firm's revenue was down 2.2% compared to the same quarter last year. On average, equities research analysts predict that SBA Communications Co. will post 12.56 EPS for the current year.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be given a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 annualized dividend and a dividend yield of 1.76%. SBA Communications's dividend payout ratio is currently 61.83%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SBAC shares. BMO Capital Markets increased their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 29th. The Goldman Sachs Group raised their price objective on SBA Communications from $212.00 to $240.00 and gave the company a "neutral" rating in a report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft upped their target price on SBA Communications from $230.00 to $240.00 and gave the stock a "buy" rating in a research note on Wednesday, August 14th. Wells Fargo & Company boosted their price target on shares of SBA Communications from $220.00 to $240.00 and gave the stock an "equal weight" rating in a report on Thursday, October 10th. Finally, Morgan Stanley lifted their price objective on SBA Communications from $232.00 to $252.00 and gave the stock an "overweight" rating in a report on Wednesday, September 18th. Three investment 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 stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $257.23.

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.