Brown Brothers Harriman & Co. Grows Position in SBA Communications Co. (NASDAQ:SBAC)

Brown Brothers Harriman & Co. boosted its stake in SBA Communications Co. (NASDAQ:SBAC) by 5.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,621 shares of the technology company’s stock after purchasing an additional 80 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in SBA Communications were worth $390,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of SBAC. B. Riley Wealth Advisors Inc. grew its holdings in SBA Communications by 16.5% in the first quarter. B. Riley Wealth Advisors Inc. now owns 1,781 shares of the technology company’s stock valued at $356,000 after purchasing an additional 252 shares during the period. California State Teachers Retirement System grew its stake in SBA Communications by 1.2% during the first quarter. California State Teachers Retirement System now owns 176,380 shares of the technology company’s stock worth $38,222,000 after buying an additional 2,043 shares during the period. Tidal Investments LLC grew its stake in SBA Communications by 105.4% during the first 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 period. LBP AM SA grew its stake in SBA Communications by 94.4% during the first quarter. LBP AM SA now owns 4,125 shares of the technology company’s stock worth $894,000 after buying an additional 2,003 shares during the period. Finally, iA Global Asset Management Inc. grew its stake in SBA Communications by 23.5% during the first quarter. iA Global Asset Management Inc. now owns 5,805 shares of the technology company’s stock worth $1,258,000 after buying an additional 1,104 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. Royal Bank of Canada boosted their price objective on shares of SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. TD Cowen upped their target price on shares of SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Raymond James upped their target price on shares of SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, Wells Fargo & Company upped their target price on shares of SBA Communications from $220.00 to $240.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $257.23.

SBA Communications Price Performance

SBAC opened at $228.51 on Thursday. The stock has a market capitalization of $24.57 billion, a PE ratio of 36.04, a P/E/G ratio of 0.76 and a beta of 0.68. The firm’s fifty day moving average price is $233.24 and its 200 day moving average price is $217.93. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). The business had revenue of $667.60 million for the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period last year, the company posted $3.34 earnings per share. On average, equities research analysts forecast that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be issued 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 1.72%. SBA Communications’s dividend payout ratio (DPR) is 61.83%.

Insiders Place Their Bets

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. This represents a 23.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is owned by corporate insiders.

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.