Citigroup Inc. Sells 49,906 Shares of SBA Communications Co. (NASDAQ:SBAC)

Citigroup Inc. lowered its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 36.7% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 86,069 shares of the technology company’s stock after selling 49,906 shares during the period. Citigroup Inc. owned approximately 0.08% of SBA Communications worth $20,717,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SBAC. Charles Schwab Investment Management Inc. lifted its position in SBA Communications by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company’s stock valued at $305,637,000 after purchasing an additional 62,555 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in SBA Communications by 53.1% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 282,536 shares of the technology company’s stock valued at $68,007,000 after buying an additional 97,981 shares during the last quarter. King Luther Capital Management Corp lifted its holdings in shares of SBA Communications by 1.2% during the 3rd quarter. King Luther Capital Management Corp now owns 29,040 shares of the technology company’s stock valued at $6,990,000 after buying an additional 341 shares during the period. Citizens Financial Group Inc. RI purchased a new position in shares of SBA Communications in the 3rd quarter worth $4,814,000. Finally, Jennison Associates LLC bought a new stake in shares of SBA Communications in the third quarter worth $1,693,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the company’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 transaction of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares in the company, valued at $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 SEC, which is available at this link. 1.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SBAC. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley raised their price objective on shares of SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. Royal Bank of Canada boosted their target price on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. increased their price target on shares of SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a research report on Monday, September 23rd. Finally, The Goldman Sachs Group boosted their price objective on shares of SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, SBA Communications has an average rating of “Moderate Buy” and a consensus price target of $257.23.

SBA Communications Stock Up 0.3 %

SBAC opened at $226.59 on Wednesday. The company has a market capitalization of $24.36 billion, a PE ratio of 35.74, a price-to-earnings-growth ratio of 0.75 and a beta of 0.68. The firm has a 50-day simple moving average of $233.47 and a two-hundred day simple moving average of $217.86. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 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%. SBA Communications’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $3.34 earnings per share. As a group, sell-side analysts expect that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently declared 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 1.73%. The ex-dividend date is Thursday, November 14th. SBA Communications’s payout ratio is 61.83%.

SBA Communications 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.