Prestige Wealth Management Group LLC Has $366,000 Stake in SBA Communications Co. (NASDAQ:SBAC)

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

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vestcor Inc increased its position in shares of SBA Communications by 11.5% in the 3rd quarter. Vestcor Inc now owns 36,701 shares of the technology company’s stock valued at $8,834,000 after buying an additional 3,773 shares in the last quarter. M&T Bank Corp grew its stake in SBA Communications by 11.1% in the third quarter. M&T Bank Corp now owns 4,440 shares of the technology company’s stock valued at $1,069,000 after acquiring an additional 444 shares during the period. Duff & Phelps Investment Management Co. increased its holdings in shares of SBA Communications by 11.6% in the third quarter. Duff & Phelps Investment Management Co. now owns 50,202 shares of the technology company’s stock worth $12,084,000 after acquiring an additional 5,212 shares in the last quarter. Barclays PLC raised its position in shares of SBA Communications by 71.0% during the third quarter. Barclays PLC now owns 658,029 shares of the technology company’s stock worth $158,386,000 after purchasing an additional 273,237 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in shares of SBA Communications by 4.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 31,011 shares of the technology company’s stock valued at $7,464,000 after purchasing an additional 1,343 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

Insider Activity at SBA Communications

In related news, EVP Donald Day sold 1,500 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,213,814.28. This represents a 23.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on SBAC shares. The Goldman Sachs Group increased their target price on SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. TD Cowen increased their price objective on shares of SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Barclays boosted their price objective on shares of SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. increased their target price on SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. Finally, Raymond James boosted their price target on SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and a consensus target price of $257.23.

SBA Communications Stock Up 1.3 %

SBAC stock opened at $223.26 on Tuesday. The company has a market cap 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 Co. has a twelve month low of $183.64 and a twelve month high of $258.76. The business has a 50 day moving average price of $230.68 and a two-hundred day moving average price of $219.51.

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

SBA Communications Dividend Announcement

The company also recently announced 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 is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.76%. 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.