Polar Asset Management Partners Inc. Sells 33,400 Shares of SBA Communications Corporation $SBAC

Polar Asset Management Partners Inc. lessened its position in SBA Communications Corporation (NASDAQ:SBAC) by 76.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,300 shares of the technology company’s stock after selling 33,400 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in SBA Communications were worth $1,992,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Strategic Advocates LLC purchased a new position in SBA Communications during the third quarter valued at $102,000. CIBC Bancorp USA Inc. bought a new position in shares of SBA Communications in the 3rd quarter worth about $8,322,000. Danske Bank A S purchased a new position in SBA Communications during the 3rd quarter valued at about $10,017,000. Caitong International Asset Management Co. Ltd lifted its position in SBA Communications by 32,900.0% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 660 shares of the technology company’s stock valued at $128,000 after acquiring an additional 658 shares during the period. Finally, Stance Capital LLC bought a new stake in SBA Communications during the third quarter worth about $45,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Trading Down 0.4%

SBAC stock opened at $182.28 on Friday. The stock has a market capitalization of $19.42 billion, a PE ratio of 19.13, a price-to-earnings-growth ratio of 1.81 and a beta of 0.86. The stock’s 50 day simple moving average is $190.80 and its 200 day simple moving average is $192.77. SBA Communications Corporation has a 12-month low of $177.49 and a 12-month high of $245.16.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share for the quarter, topping the consensus estimate of $3.25 by $0.22. The firm had revenue of $719.58 million during the quarter, compared to analysts’ expectations of $725.80 million. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The company’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.47 earnings per share. On average, research analysts predict that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a $1.25 dividend. This is a positive change from SBA Communications’s previous quarterly dividend of $1.11. The ex-dividend date of this dividend is Friday, March 13th. This represents a $5.00 dividend on an annualized basis and a yield of 2.7%. SBA Communications’s payout ratio is presently 52.47%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Scotiabank lowered their target price on shares of SBA Communications from $233.00 to $223.00 and set a “sector perform” rating for the company in a report on Monday, March 2nd. Wells Fargo & Company cut their target price on SBA Communications from $205.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Friday, February 27th. JPMorgan Chase & Co. lowered their price target on SBA Communications from $245.00 to $240.00 and set a “neutral” rating for the company in a research report on Monday, January 12th. Barclays dropped their price target on shares of SBA Communications from $219.00 to $212.00 and set an “overweight” rating on the stock in a research note on Monday, December 1st. Finally, UBS Group cut their price objective on shares of SBA Communications from $275.00 to $260.00 and set a “buy” rating on the stock in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $232.17.

About SBA Communications

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.