Pinnacle Associates Ltd. Sells 117 Shares of SBA Communications Co. (NASDAQ:SBAC)

Pinnacle Associates Ltd. trimmed its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 9.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,118 shares of the technology company’s stock after selling 117 shares during the quarter. Pinnacle Associates Ltd.’s holdings in SBA Communications were worth $284,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. First Trust Direct Indexing L.P. grew its position in shares of SBA Communications by 12.9% in the third quarter. First Trust Direct Indexing L.P. now owns 1,948 shares of the technology company’s stock valued at $469,000 after purchasing an additional 222 shares during the last quarter. Integrated Advisors Network LLC acquired a new position in SBA Communications in the 3rd quarter valued at $620,000. abrdn plc increased its position in SBA Communications by 61.5% during the 3rd quarter. abrdn plc now owns 107,303 shares of the technology company’s stock worth $25,803,000 after buying an additional 40,849 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of SBA Communications by 11.0% during the third quarter. Nisa Investment Advisors LLC now owns 61,926 shares of the technology company’s stock worth $14,906,000 after buying an additional 6,129 shares in the last quarter. Finally, Baker Tilly Wealth Management LLC bought a new stake in shares of SBA Communications in the third quarter valued at about $270,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Stock Down 1.7 %

NASDAQ SBAC opened at $225.59 on Monday. The company has a market capitalization of $24.24 billion, a price-to-earnings ratio of 35.58, a PEG ratio of 0.69 and a beta of 0.68. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $258.76. The stock has a fifty day simple moving average of $237.96 and a 200 day simple moving average of $214.71.

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 company had revenue of $667.60 million for the quarter, compared to the consensus estimate of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. SBA Communications’s revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business earned $3.34 earnings per share. Research analysts expect that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The company also recently announced 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 yield of 1.74%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications’s dividend payout ratio is presently 61.83%.

Analysts Set New Price Targets

A number of equities analysts recently commented on SBAC shares. TD Cowen raised their price target on shares of SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Royal Bank of Canada raised their target price on shares of SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Raymond James boosted their price target on SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. raised their price objective 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, Wells Fargo & Company upped their target price on SBA Communications from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $257.23.

Insider Buying and Selling at SBA Communications

In other news, EVP Donald Day sold 1,500 shares of SBA Communications 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 transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other SBA Communications news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director George R. Krouse, Jr. sold 325 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

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.