SBA Communications Co. (NASDAQ:SBAC) Shares Purchased by Earnest Partners LLC

Earnest Partners LLC raised its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 2.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 710,198 shares of the technology company’s stock after buying an additional 14,926 shares during the period. Earnest Partners LLC’s holdings in SBA Communications were worth $139,412,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its position in SBA Communications by 54.9% during the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after purchasing an additional 1,524,302 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in SBA Communications in the second quarter valued at approximately $134,738,000. The Manufacturers Life Insurance Company grew its holdings in SBA Communications by 111.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 734,795 shares of the technology company’s stock valued at $186,410,000 after purchasing an additional 387,855 shares in the last quarter. AQR Capital Management LLC lifted its holdings in SBA Communications by 500.0% in the 2nd quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock worth $72,375,000 after buying an additional 307,530 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. grew its stake in shares of SBA Communications by 13.4% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after acquiring an additional 233,179 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Down 1.1 %

SBAC stock opened at $239.33 on Thursday. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The firm’s 50-day simple moving average is $225.31 and its 200 day simple moving average is $209.47. The stock has a market cap of $25.71 billion, a PE ratio of 46.93, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The firm had revenue of $660.50 million during the quarter, compared to analyst estimates of $665.21 million. SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The firm’s revenue was down 2.7% on a year-over-year basis. During the same period last year, the business earned $3.24 EPS. Equities analysts forecast that SBA Communications Co. will post 12.53 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd were issued a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend was Thursday, August 22nd. SBA Communications’s payout ratio is 76.86%.

Analysts Set New Price Targets

SBAC has been the subject of a number of analyst reports. The Goldman Sachs Group assumed coverage on SBA Communications in a report on Monday, July 1st. They issued a “neutral” rating and a $212.00 price target for the company. BMO Capital Markets decreased their price target on shares of SBA Communications from $250.00 to $245.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. KeyCorp lifted their price target on shares of SBA Communications from $227.00 to $230.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, TD Cowen dropped their target price on shares of SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and an average price target of $241.75.

Insiders Place Their Bets

In other SBA Communications news, Director George R. Krouse, Jr. sold 325 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the transaction, the director now directly owns 8,084 shares in the company, valued at $1,775,084.72. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the sale, the chairman now directly owns 109,583 shares of the company’s stock, valued at $24,328,521.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction on 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 directly owns 8,084 shares in the company, valued at $1,775,084.72. The disclosure for this sale can be found here. Insiders sold a total of 51,590 shares of company stock worth $11,483,981 over the last ninety days. 1.30% of the stock is currently owned by company insiders.

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.