Daiwa Securities Group Inc. Purchases 84,536 Shares of SBA Communications Co. (NASDAQ:SBAC)

Daiwa Securities Group Inc. grew its position in SBA Communications Co. (NASDAQ:SBAC) by 384.3% during the third quarter, Holdings Channel reports. The institutional investor owned 106,531 shares of the technology company’s stock after acquiring an additional 84,536 shares during the quarter. Daiwa Securities Group Inc.’s holdings in SBA Communications were worth $25,642,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Summit Trail Advisors LLC lifted its position in SBA Communications by 5.8% during the third quarter. Summit Trail Advisors LLC now owns 5,423 shares of the technology company’s stock valued at $1,305,000 after acquiring an additional 299 shares during the last quarter. Swedbank AB lifted its holdings in shares of SBA Communications by 0.5% during the 3rd quarter. Swedbank AB now owns 79,661 shares of the technology company’s stock valued at $19,174,000 after purchasing an additional 410 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of SBA Communications by 15.6% during the 3rd quarter. Cerity Partners LLC now owns 17,597 shares of the technology company’s stock valued at $4,236,000 after purchasing an additional 2,376 shares during the last quarter. Icon Wealth Advisors LLC acquired a new stake in shares of SBA Communications in the 3rd quarter worth $1,761,000. Finally, Charles Schwab Investment Management Inc. grew its stake in SBA Communications by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company’s stock worth $305,637,000 after buying an additional 62,555 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Insiders Place Their Bets

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. This trade represents a 23.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

SBAC has been the subject of a number of research analyst reports. Morgan Stanley increased their price target on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. Wells Fargo & Company increased their price objective on shares of SBA Communications from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. KeyCorp boosted their target price on shares of SBA Communications from $230.00 to $280.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Raymond James raised their price target on shares of SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. Finally, The Goldman Sachs Group boosted their price objective on shares of SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $257.23.

SBA Communications Stock Performance

NASDAQ SBAC opened at $220.66 on Friday. The firm has a market capitalization of $23.73 billion, a P/E ratio of 34.80, a PEG ratio of 0.74 and a beta of 0.68. The stock has a 50-day simple moving average of $234.22 and a two-hundred day simple moving average of $217.32. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.77). The company had revenue of $667.60 million for the quarter, compared to analysts’ expectations of $669.29 million. SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.34 earnings per share. As a group, analysts forecast that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 14th will be given a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 annualized dividend and a yield of 1.78%. SBA Communications’s dividend payout ratio is presently 61.83%.

About SBA Communications

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.