QRG Capital Management Inc. Decreases Holdings in SBA Communications Corporation $SBAC

QRG Capital Management Inc. trimmed its stake in SBA Communications Corporation (NASDAQ:SBAC) by 74.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,281 shares of the technology company’s stock after selling 6,753 shares during the quarter. QRG Capital Management Inc.’s holdings in SBA Communications were worth $441,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Janney Montgomery Scott LLC lifted its stake in SBA Communications by 0.8% in the second quarter. Janney Montgomery Scott LLC now owns 6,130 shares of the technology company’s stock valued at $1,440,000 after purchasing an additional 46 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of SBA Communications by 20.0% in the second quarter. Farther Finance Advisors LLC now owns 300 shares of the technology company’s stock valued at $70,000 after buying an additional 50 shares during the period. MAI Capital Management lifted its position in shares of SBA Communications by 7.9% during the 2nd quarter. MAI Capital Management now owns 680 shares of the technology company’s stock valued at $160,000 after buying an additional 50 shares during the last quarter. Penserra Capital Management LLC grew its stake in shares of SBA Communications by 12.5% during the 2nd quarter. Penserra Capital Management LLC now owns 587 shares of the technology company’s stock worth $137,000 after acquiring an additional 65 shares during the period. Finally, CVA Family Office LLC grew its stake in shares of SBA Communications by 106.3% during the 2nd quarter. CVA Family Office LLC now owns 130 shares of the technology company’s stock worth $31,000 after acquiring an additional 67 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SBAC. JPMorgan Chase & Co. lowered their price objective on SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a research note on Monday, January 12th. Wells Fargo & Company lowered their price target on shares of SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 16th. Scotiabank dropped their price target on shares of SBA Communications from $252.00 to $233.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 14th. Morgan Stanley reduced their price objective on shares of SBA Communications from $260.00 to $220.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Finally, Williams Trading set a $237.00 target price on shares of SBA Communications in a report on Tuesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $235.18.

SBA Communications Trading Up 1.0%

Shares of NASDAQ:SBAC opened at $187.16 on Friday. The company has a 50 day moving average of $190.83 and a 200 day moving average of $201.86. The stock has a market cap of $19.94 billion, a P/E ratio of 24.40, a P/E/G ratio of 1.74 and a beta of 0.87. SBA Communications Corporation has a 12 month low of $179.89 and a 12 month high of $245.16.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, November 3rd. The technology company reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.21 by $0.09. SBA Communications had a net margin of 29.69% and a negative return on equity of 16.60%. The business had revenue of $732.33 million for the quarter, compared to analysts’ expectations of $715.65 million. During the same period in the prior year, the company posted $3.32 EPS. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, equities analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Investors of record on Thursday, November 13th were paid a dividend of $1.11 per share. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $4.44 annualized dividend and a yield of 2.4%. SBA Communications’s dividend payout ratio (DPR) is currently 57.89%.

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.