Assetmark Inc. Acquires 417 Shares of SBA Communications Co. (NASDAQ:SBAC)

Assetmark Inc. raised its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 4,633.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 426 shares of the technology company’s stock after purchasing an additional 417 shares during the quarter. Assetmark Inc.’s holdings in SBA Communications were worth $103,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of SBAC. Virtu Financial LLC purchased a new position in shares of SBA Communications in the 1st quarter worth about $1,764,000. Tidal Investments LLC boosted its holdings in shares of SBA Communications by 105.4% in the 1st quarter. Tidal Investments LLC now owns 5,279 shares of the technology company’s stock worth $1,144,000 after buying an additional 2,709 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of SBA Communications by 7.8% in the 1st quarter. Lazard Asset Management LLC now owns 148,687 shares of the technology company’s stock worth $32,219,000 after buying an additional 10,753 shares during the last quarter. AMF Tjanstepension AB purchased a new position in shares of SBA Communications in the 2nd quarter worth about $8,197,000. Finally, Cetera Investment Advisers boosted its holdings in shares of SBA Communications by 228.1% in the 1st quarter. Cetera Investment Advisers now owns 10,394 shares of the technology company’s stock worth $2,252,000 after buying an additional 7,226 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on SBAC shares. BMO Capital Markets boosted their price target on shares of SBA Communications from $255.00 to $260.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Royal Bank of Canada upped their price objective on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a report on Monday, August 5th. The Goldman Sachs Group upped their price objective on shares of SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. upped their price objective 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, Morgan Stanley upped their price objective on shares of SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Three research 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 currently has a consensus rating of “Moderate Buy” and an average price target of $257.23.

Insider Activity

In related news, Director George R. Krouse, Jr. sold 325 shares of the business’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 value of $71,363.50. Following the transaction, the director now directly owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. The trade was a 3.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 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 represents a 23.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

SBA Communications Stock Performance

NASDAQ SBAC opened at $221.09 on Monday. SBA Communications Co. has a one year low of $183.64 and a one year high of $258.76. The stock has a 50-day moving average of $236.35 and a 200 day moving average of $216.56. The company has a market capitalization of $23.77 billion, a price-to-earnings ratio of 34.87, a PEG ratio of 0.75 and a beta of 0.68.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results 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 the consensus estimate of $669.29 million. SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The company’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 earned $3.34 earnings per share. On average, equities 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. 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 dividend on an annualized basis and a dividend yield of 1.77%. SBA Communications’s payout ratio 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.