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

Verition Fund Management LLC lowered its stake in SBA Communications Co. (NASDAQ:SBAC) by 18.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 145,413 shares of the technology company’s stock after selling 32,346 shares during the quarter. Verition Fund Management LLC owned approximately 0.14% of SBA Communications worth $35,001,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. boosted its position in SBA Communications by 10.7% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 527 shares of the technology company’s stock worth $127,000 after acquiring an additional 51 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in shares of SBA Communications by 0.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 9,265 shares of the technology company’s stock worth $1,819,000 after purchasing an additional 53 shares during the period. Farther Finance Advisors LLC grew its position in SBA Communications by 32.5% during the third quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock valued at $52,000 after purchasing an additional 53 shares in the last quarter. Checchi Capital Advisers LLC increased its stake in SBA Communications by 4.1% in the 2nd quarter. Checchi Capital Advisers LLC now owns 1,457 shares of the technology company’s stock valued at $286,000 after buying an additional 57 shares during the period. Finally, Sugarloaf Wealth Management LLC lifted its position in SBA Communications by 11.6% in the 3rd quarter. Sugarloaf Wealth Management LLC now owns 558 shares of the technology company’s stock worth $134,000 after buying an additional 58 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SBAC shares. JPMorgan Chase & Co. lifted their price objective on SBA Communications from $228.00 to $250.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. TD Cowen increased their price objective on SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Royal Bank of Canada lifted their target price on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. The Goldman Sachs Group increased their price target on shares of SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Finally, BMO Capital Markets upped their price objective 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. Three investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.23.

SBA Communications Stock Up 0.8 %

Shares of SBAC stock opened at $228.51 on Friday. The stock has a 50 day moving average of $233.05 and a 200-day moving average of $218.00. The firm has a market cap of $24.57 billion, a PE ratio of 36.04, a price-to-earnings-growth ratio of 0.77 and a beta of 0.68. 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 quarterly 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 company had revenue of $667.60 million during 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%. SBA Communications’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period last year, the company earned $3.34 earnings per share. As a group, equities analysts predict that SBA Communications Co. will post 12.56 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be given a $0.98 dividend. 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 is currently 61.83%.

Insider Transactions at SBA Communications

In other news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were 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 of the company’s stock, valued at approximately $1,213,814.28. This trade represents a 23.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is owned by 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.