Verition Fund Management LLC Has $35 Million Position in SBA Communications Co. (NASDAQ:SBAC)

Verition Fund Management LLC lessened its position in SBA Communications Co. (NASDAQ:SBAC) by 18.2% during the 3rd quarter, Holdings Channel reports. The firm owned 145,413 shares of the technology company’s stock after selling 32,346 shares during the quarter. Verition Fund Management LLC’s holdings in SBA Communications were worth $35,001,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SBAC. Tidal Investments LLC boosted its position in SBA Communications by 105.4% in 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 in the last quarter. AMF Tjanstepension AB acquired a new position in shares of SBA Communications in the 2nd quarter worth approximately $8,197,000. Cetera Investment Advisers grew its position in SBA Communications by 228.1% during the 1st quarter. Cetera Investment Advisers now owns 10,394 shares of the technology company’s stock worth $2,252,000 after acquiring an additional 7,226 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in SBA Communications during the 2nd quarter valued at $12,918,000. Finally, Public Sector Pension Investment Board raised its position in SBA Communications by 17.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 14,912 shares of the technology company’s stock valued at $2,927,000 after purchasing an additional 2,186 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SBAC. Barclays raised their target price on SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. BMO Capital Markets raised their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the company an “outperform” 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. JPMorgan Chase & Co. raised their price target on shares of SBA Communications from $228.00 to $250.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. Finally, The Goldman Sachs Group boosted their price objective on shares of SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. 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. According to MarketBeat.com, SBA Communications has an average rating of “Moderate Buy” and an average target price of $257.23.

Insider Transactions at SBA Communications

In related news, EVP Donald Day sold 1,500 shares of the stock in a transaction dated Friday, September 13th. The stock was 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by insiders.

SBA Communications Trading Up 0.8 %

SBA Communications stock opened at $228.51 on Friday. The firm has a market capitalization of $24.57 billion, a P/E ratio of 36.04, a PEG ratio of 0.77 and a beta of 0.68. The business has a 50-day moving average of $233.05 and a 200-day moving average of $218.00. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data 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 firm had revenue of $667.60 million for the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.34 EPS. Research analysts anticipate that SBA Communications Co. will post 12.56 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The firm 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 $0.98 dividend. The ex-dividend date is Thursday, November 14th. This represents a $3.92 annualized dividend and a dividend yield of 1.72%. SBA Communications’s dividend payout ratio (DPR) is currently 61.83%.

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.