Sumitomo Mitsui Trust Group Inc. Sells 7,020 Shares of SBA Communications Corporation $SBAC

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 3.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 184,939 shares of the technology company’s stock after selling 7,020 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in SBA Communications were worth $29,612,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of SBAC. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of SBA Communications in the 3rd quarter valued at about $4,577,000. Profund Advisors LLC grew its stake in SBA Communications by 42.2% during the third quarter. Profund Advisors LLC now owns 1,974 shares of the technology company’s stock worth $316,000 after purchasing an additional 586 shares during the period. Vise Technologies Inc. acquired a new stake in SBA Communications during the third quarter worth approximately $397,000. MGO One Seven LLC grew its stake in SBA Communications by 9.8% during the third quarter. MGO One Seven LLC now owns 1,946 shares of the technology company’s stock worth $312,000 after purchasing an additional 174 shares during the period. Finally, Glenview Trust Co increased its holdings in SBA Communications by 8.5% in the third quarter. Glenview Trust Co now owns 2,435 shares of the technology company’s stock worth $390,000 after purchasing an additional 190 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $193.08 on Friday. The business has a 50-day simple moving average of $179.75 and a 200 day simple moving average of $189.98. SBA Communications Corporation has a one year low of $156.60 and a one year high of $224.46. The firm has a market capitalization of $20.48 billion, a price-to-earnings ratio of 15.74, a PEG ratio of 1.96 and a beta of 0.97.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, November 2nd. The technology company reported $2.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.10. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.54%. The business had revenue of $713.92 million for the quarter, compared to analyst estimates of $724.07 million. During the same quarter in the prior year, the company earned $3.30 earnings per share. The company’s quarterly revenue was down 2.5% on a year-over-year basis. On average, sell-side analysts expect that SBA Communications Corporation will post 11.40 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Thursday, November 12th will be given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Thursday, November 12th. SBA Communications’s dividend payout ratio is presently 53.88%.

Insider Buying and Selling at SBA Communications

In related news, Director George R. Krouse, Jr. sold 300 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $182.67, for a total value of $54,801.00. Following the transaction, the director directly owned 8,512 shares in the company, valued at $1,554,887.04. This trade represents a 3.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.50% of the stock is owned by insiders.

Analysts Set New Price Targets

SBAC has been the topic of several recent analyst reports. UBS Group lowered SBA Communications from a “market perform” rating to a “hold” rating in a research note on Monday, August 24th. BMO Capital Markets reaffirmed a “market perform” rating on shares of SBA Communications in a research report on Monday, August 24th. Weiss Ratings upgraded shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 15th. Jefferies Financial Group upgraded shares of SBA Communications to a “hold” rating in a research report on Thursday, October 15th. Finally, TD Cowen increased their target price on shares of SBA Communications from $229.00 to $239.00 and gave the stock a “buy” rating in a research note on Tuesday. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $224.64.

SBA Communications Company Profile

SBA Communications Corporation is a real estate investment trust that owns and operates wireless communications infrastructure. The company’s portfolio primarily consists of wireless communications towers and related sites that support cellular, wireless broadband, and other communications equipment.

SBA Communications leases antenna space on its towers to wireless service providers, government agencies, and other communications companies. It also provides site development services, including zoning, permitting, construction, and project management, as well as tower construction and acquisition services in selected markets.

Founded in 1989 and headquartered in Boca Raton, Florida, SBA Communications serves customers across the United States and in parts of Central and South America.