New York Life Investment Management LLC Has $10.99 Million Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

New York Life Investment Management LLC lifted its position in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 107.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,319 shares of the technology company's stock after buying an additional 22,456 shares during the period. New York Life Investment Management LLC's holdings in SBA Communications were worth $10,990,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. CVA Family Office LLC acquired a new position in shares of SBA Communications in the fourth quarter valued at approximately $37,000. Emerald Advisers LLC acquired a new position in SBA Communications in the 3rd quarter worth $31,000. Pinnacle Bancorp Inc. increased its holdings in SBA Communications by 73.6% during the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company's stock worth $40,000 after purchasing an additional 67 shares in the last quarter. Allworth Financial LP raised its stake in shares of SBA Communications by 37.8% in the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company's stock valued at $42,000 after purchasing an additional 45 shares during the period. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in shares of SBA Communications in the 4th quarter valued at about $43,000. Institutional investors and hedge funds own 97.35% of the company's stock.

SBA Communications Trading Up 2.5 %

NASDAQ:SBAC traded up $4.75 on Thursday, hitting $193.87. The company's stock had a trading volume of 1,094,167 shares, compared to its average volume of 1,009,360. SBA Communications Co. has a one year low of $183.64 and a one year high of $258.76. The firm has a market capitalization of $20.96 billion, a P/E ratio of 38.01, a price-to-earnings-growth ratio of 1.14 and a beta of 0.59. The stock has a fifty day moving average of $208.78 and a two-hundred day moving average of $222.32.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.21 by $0.21. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The business had revenue of $657.86 million for the quarter, compared to analysts' expectations of $671.08 million. During the same quarter in the prior year, the business earned $3.13 EPS. The firm's revenue for the quarter was down 2.6% on a year-over-year basis. As a group, sell-side analysts anticipate that SBA Communications Co. will post 12.61 EPS for the current year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd will be paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend is Wednesday, May 22nd. SBA Communications's dividend payout ratio is presently 76.86%.

Insider Buying and Selling

In other news, Director Mary S. Chan sold 1,977 shares of the company's stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the transaction, the director now owns 4,622 shares of the company's stock, valued at $1,007,549.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

SBAC has been the subject of a number of research reports. Bank of America upgraded SBA Communications from a "neutral" rating to a "buy" rating and set a $260.00 price objective for the company in a report on Thursday, March 7th. Wells Fargo & Company decreased their price target on shares of SBA Communications from $260.00 to $230.00 and set an "overweight" rating for the company in a research note on Tuesday. Barclays cut their price objective on shares of SBA Communications from $255.00 to $241.00 and set an "overweight" rating on the stock in a research report on Tuesday. KeyCorp decreased their target price on shares of SBA Communications from $276.00 to $227.00 and set an "overweight" rating for the company in a research report on Tuesday. Finally, TD Cowen cut their price target on shares of SBA Communications from $266.00 to $253.00 and set a "buy" rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $258.23.

SBA Communications Company 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.