SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC lessened its holdings in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 50.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,700 shares of the technology company's stock after selling 4,800 shares during the period. Cornerstone Advisors LLC's holdings in SBA Communications were worth $1,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Allworth Financial LP lifted 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. Quaero Capital S.A. boosted its stake in shares of SBA Communications by 1.4% during the 4th quarter. Quaero Capital S.A. now owns 3,730 shares of the technology company's stock worth $946,000 after acquiring an additional 50 shares in the last quarter. Marks Group Wealth Management Inc grew its position in shares of SBA Communications by 4.4% during the 4th quarter. Marks Group Wealth Management Inc now owns 1,274 shares of the technology company's stock valued at $323,000 after acquiring an additional 54 shares during the period. Pinnacle Bancorp Inc. increased its stake in shares of SBA Communications by 73.6% in the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company's stock valued at $40,000 after purchasing an additional 67 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in SBA Communications by 12.0% in the 4th quarter. UMB Bank n.a. now owns 674 shares of the technology company's stock worth $171,000 after purchasing an additional 72 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SBAC has been the topic of several research analyst reports. Royal Bank of Canada dropped their price objective on SBA Communications from $250.00 to $235.00 and set an "outperform" rating on the stock in a report on Thursday, May 9th. TD Cowen reduced their price objective on shares of SBA Communications from $266.00 to $253.00 and set a "buy" rating for the company in a research report on Tuesday, April 30th. Wells Fargo & Company decreased their price objective on shares of SBA Communications from $260.00 to $230.00 and set an "overweight" rating on the stock in a report on Tuesday, April 30th. Citigroup cut their target price on shares of SBA Communications from $290.00 to $260.00 and set a "buy" rating for the company in a research note on Tuesday, April 30th. Finally, KeyCorp reduced their price target 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, April 30th. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $252.25.

Insiders Place Their Bets

In other news, Director Mary S. Chan sold 1,977 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the sale, the director now owns 4,622 shares of the company's stock, valued at approximately $1,007,549.78. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.30% of the stock is owned by insiders.

SBA Communications Stock Down 0.0 %

Shares of SBA Communications stock traded down $0.04 on Tuesday, hitting $198.37. 599,145 shares of the company were exchanged, compared to its average volume of 991,277. The company has a 50-day moving average price of $204.75 and a 200 day moving average price of $222.15. The stock has a market capitalization of $21.31 billion, a price-to-earnings ratio of 38.90, a price-to-earnings-growth ratio of 0.59 and a beta of 0.59. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $258.76.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, topping 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 company had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same quarter in the previous year, the company posted $3.13 earnings per share. The firm's revenue for the quarter was down 2.6% compared to the same quarter last year. Research analysts forecast that SBA Communications Co. will post 12.53 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd will be given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Wednesday, May 22nd. SBA Communications's payout ratio is currently 76.86%.

SBA Communications 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.