Vestcor Inc Buys 3,773 Shares of SBA Communications Co. (NASDAQ:SBAC)

Vestcor Inc boosted its position in SBA Communications Co. (NASDAQ:SBAC) by 11.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 36,701 shares of the technology company’s stock after purchasing an additional 3,773 shares during the period. Vestcor Inc’s holdings in SBA Communications were worth $8,834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in SBAC. Cetera Investment Advisers raised its stake in SBA Communications by 228.1% in the 1st quarter. Cetera Investment Advisers now owns 10,394 shares of the technology company’s stock valued at $2,252,000 after acquiring an additional 7,226 shares during the period. Cetera Advisors LLC lifted its stake in shares of SBA Communications by 41.8% during the 1st quarter. Cetera Advisors LLC now owns 1,670 shares of the technology company’s stock valued at $362,000 after buying an additional 492 shares in the last quarter. CWM LLC lifted its stake in shares of SBA Communications by 56.4% during the 2nd quarter. CWM LLC now owns 2,952 shares of the technology company’s stock valued at $579,000 after buying an additional 1,065 shares in the last quarter. Czech National Bank boosted its holdings in SBA Communications by 7.9% in the 2nd quarter. Czech National Bank now owns 20,475 shares of the technology company’s stock worth $4,019,000 after buying an additional 1,493 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its stake in SBA Communications by 10.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 4,126 shares of the technology company’s stock valued at $810,000 after buying an additional 404 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Performance

SBA Communications stock opened at $223.26 on Tuesday. The stock has a market cap of $24.00 billion, a P/E ratio of 35.21, a price-to-earnings-growth ratio of 0.74 and a beta of 0.67. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The firm’s fifty day moving average price is $230.68 and its 200-day moving average price is $219.51.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, October 28th. The technology company reported $2.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). The firm had revenue of $667.60 million during the quarter, compared to analysts’ expectations of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. SBA Communications’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.34 earnings per share. On average, analysts predict 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. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Thursday, November 14th. SBA Communications’s dividend payout ratio (DPR) is presently 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 stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

SBAC has been the topic of several recent research reports. Wells Fargo & Company increased their target price on SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research note on Thursday, November 7th. Raymond James lifted their target price on SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th. Morgan Stanley increased their price target 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. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. 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 company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $257.23.

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.