Procyon Advisors LLC Sells 186 Shares of SBA Communications Co. (NASDAQ:SBAC)

Procyon Advisors LLC reduced its position in SBA Communications Co. (NASDAQ:SBAC) by 5.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,345 shares of the technology company’s stock after selling 186 shares during the period. Procyon Advisors LLC’s holdings in SBA Communications were worth $848,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Raymond James Trust N.A. boosted its position in shares of SBA Communications by 19.0% during the first quarter. Raymond James Trust N.A. now owns 1,925 shares of the technology company’s stock valued at $662,000 after buying an additional 307 shares during the last quarter. Vontobel Holding Ltd. grew its stake in shares of SBA Communications by 19.6% in the first quarter. Vontobel Holding Ltd. now owns 2,987 shares of the technology company’s stock worth $1,024,000 after acquiring an additional 489 shares during the period. Prudential PLC purchased a new position in shares of SBA Communications during the first quarter valued at approximately $568,000. Sequoia Financial Advisors LLC bought a new stake in shares of SBA Communications in the first quarter worth $234,000. Finally, Zions Bancorporation N.A. increased its position in shares of SBA Communications by 157.6% during the 1st quarter. Zions Bancorporation N.A. now owns 322 shares of the technology company’s stock valued at $111,000 after purchasing an additional 197 shares during the last quarter. 97.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SBAC shares. BMO Capital Markets lowered their price objective on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 27th. Barclays decreased their target price on SBA Communications from $265.00 to $260.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 5th. KeyCorp increased their price objective on shares of SBA Communications from $251.00 to $276.00 and gave the company an “overweight” rating in a report on Wednesday, December 6th. Finally, Bank of America raised shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price on the stock in a report on Thursday, March 7th. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $271.50.

Insiders Place Their Bets

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the transaction, the director now directly owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.60% of the stock is owned by company insiders.

SBA Communications Stock Performance

NASDAQ SBAC traded up $1.31 during trading on Thursday, hitting $219.39. The stock had a trading volume of 64,475 shares, compared to its average volume of 1,011,053. SBA Communications Co. has a one year low of $185.23 and a one year high of $267.42. The stock has a market capitalization of $23.72 billion, a price-to-earnings ratio of 47.31, a P/E/G ratio of 1.31 and a beta of 0.56. The stock has a 50 day simple moving average of $217.73 and a 200 day simple moving average of $222.45.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, February 26th. The technology company reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.36). The company had revenue of $675.00 million for the quarter, compared to the consensus estimate of $682.11 million. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.11 EPS. On average, sell-side analysts predict that SBA Communications Co. will post 12.6 EPS for the current year.

SBA Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th will be paid a dividend of $0.98 per share. The ex-dividend date is Wednesday, March 13th. This is an increase from SBA Communications’s previous quarterly dividend of $0.85. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.79%. SBA Communications’s dividend payout ratio (DPR) is currently 85.03%.

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.