CIBC Private Wealth Group LLC Sells 3,499 Shares of SBA Communications Corporation $SBAC

CIBC Private Wealth Group LLC trimmed its stake in SBA Communications Corporation (NASDAQ:SBAC) by 8.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,101 shares of the technology company’s stock after selling 3,499 shares during the period. CIBC Private Wealth Group LLC’s holdings in SBA Communications were worth $7,754,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quent Capital LLC bought a new position in shares of SBA Communications during the 3rd quarter valued at approximately $27,000. Fulcrum Asset Management LLP bought a new stake in SBA Communications in the third quarter worth $32,000. Geneos Wealth Management Inc. lifted its position in SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after buying an additional 84 shares during the last quarter. Stance Capital LLC purchased a new position in SBA Communications during the third quarter worth $45,000. Finally, SJS Investment Consulting Inc. purchased a new position in SBA Communications during the third quarter worth $48,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Morgan Stanley reduced their target price on shares of SBA Communications from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Monday, March 2nd. Barclays dropped their price target on shares of SBA Communications from $219.00 to $212.00 and set an “overweight” rating for the company in a research note on Monday, December 1st. Weiss Ratings reiterated a “hold (c-)” rating on shares of SBA Communications in a report on Friday, January 9th. Scotiabank reduced their price objective on shares of SBA Communications from $233.00 to $223.00 and set a “sector perform” rating on the stock in a research report on Monday, March 2nd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of SBA Communications from $245.00 to $240.00 and set a “neutral” rating for the company in a research note on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $232.17.

SBA Communications Stock Down 4.5%

SBA Communications stock opened at $174.15 on Friday. The stock has a 50-day moving average price of $190.66 and a 200 day moving average price of $192.56. The company has a market capitalization of $18.56 billion, a price-to-earnings ratio of 18.27, a price-to-earnings-growth ratio of 1.81 and a beta of 0.86. SBA Communications Corporation has a 52 week low of $173.77 and a 52 week 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 (EPS) for the quarter, topping analysts’ consensus estimates of $3.25 by $0.22. SBA Communications had a net margin of 36.40% and a negative return on equity of 20.81%. The company had revenue of $719.58 million during the quarter, compared to analyst estimates of $725.80 million. During the same period last year, the firm posted $3.47 EPS. SBA Communications’s revenue for the quarter was up 3.7% compared to the same quarter last year. Research analysts anticipate that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a $1.25 dividend. The ex-dividend date is Friday, March 13th. This is an increase from SBA Communications’s previous quarterly dividend of $1.11. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.9%. SBA Communications’s dividend payout ratio (DPR) is currently 52.47%.

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.