Jennison Associates LLC Makes New $1.69 Million Investment in SBA Communications Co. (NASDAQ:SBAC)

Jennison Associates LLC bought a new position in shares of SBA Communications Co. (NASDAQ:SBAC) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 7,034 shares of the technology company’s stock, valued at approximately $1,693,000.

A number of other hedge funds have also modified their holdings of the business. Virtu Financial LLC acquired a new position in SBA Communications during the first quarter worth $1,764,000. Tidal Investments LLC boosted its position in shares of SBA Communications by 105.4% during the 1st quarter. Tidal Investments LLC now owns 5,279 shares of the technology company’s stock valued at $1,144,000 after acquiring an additional 2,709 shares during the last quarter. AMF Tjanstepension AB purchased a new stake in shares of SBA Communications in the second quarter valued at about $8,197,000. Cetera Investment Advisers increased its position in SBA Communications by 228.1% during the first quarter. Cetera Investment Advisers now owns 10,394 shares of the technology company’s stock worth $2,252,000 after purchasing an additional 7,226 shares during the last quarter. Finally, Manning & Napier Advisors LLC purchased a new position in SBA Communications during the second quarter worth about $12,918,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SBAC. The Goldman Sachs Group increased their price target on shares of SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Deutsche Bank Aktiengesellschaft lifted their target price on SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Morgan Stanley increased their price target on SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. BMO Capital Markets boosted their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, SBA Communications presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.23.

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 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.30% of the company’s stock.

SBA Communications Price Performance

SBAC opened at $220.66 on Friday. The business has a fifty day moving average price of $234.22 and a 200 day moving average price of $217.32. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $258.76. The stock has a market capitalization of $23.73 billion, a price-to-earnings ratio of 34.80, a PEG ratio of 0.74 and a beta of 0.68.

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

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be issued 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 1.78%. 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.