Prestige Wealth Management Group LLC Acquires 1,489 Shares of SBA Communications Co. (NASDAQ:SBAC)

Prestige Wealth Management Group LLC boosted its holdings in SBA Communications Co. (NASDAQ:SBAC) by 4,963.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,519 shares of the technology company’s stock after buying an additional 1,489 shares during the period. Prestige Wealth Management Group LLC’s holdings in SBA Communications were worth $366,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SBAC. Cetera Investment Advisers lifted its stake in shares of SBA Communications by 228.1% in the first quarter. Cetera Investment Advisers now owns 10,394 shares of the technology company’s stock valued at $2,252,000 after buying an additional 7,226 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of SBA Communications by 14,529.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 251,328 shares of the technology company’s stock worth $60,495,000 after acquiring an additional 249,610 shares during the period. Bank of Montreal Can grew its holdings in shares of SBA Communications by 135.5% during the 3rd quarter. Bank of Montreal Can now owns 420,514 shares of the technology company’s stock worth $100,351,000 after purchasing an additional 241,916 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in shares of SBA Communications by 17.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 14,912 shares of the technology company’s stock worth $2,927,000 after purchasing an additional 2,186 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of 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 during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Stock Up 1.3 %

SBA Communications stock opened at $223.26 on Tuesday. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76. The stock has a 50-day simple moving average of $230.68 and a 200 day simple moving average of $219.51. The stock has a market capitalization of $24.00 billion, a price-to-earnings ratio of 35.21, a P/E/G ratio of 0.74 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last announced 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). 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 during the quarter, compared to the consensus estimate of $669.29 million. During the same period in the prior year, the firm posted $3.34 earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. As a group, sell-side analysts anticipate that SBA Communications Co. will post 12.56 EPS for the current 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 yield of 1.76%. SBA Communications’s payout ratio is 61.83%.

Insider Activity

In related news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The trade was a 23.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company lifted their price target on shares of SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. Morgan Stanley upped their target price on shares of SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. Raymond James raised their price target on shares of SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. upped their price objective on SBA Communications from $228.00 to $250.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft raised their target price on SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, SBA Communications has an average rating of “Moderate Buy” and a consensus price target of $257.23.

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.