Victory Capital Management Inc. Reduces Position in SBA Communications Co. (NASDAQ:SBAC)

Victory Capital Management Inc. lowered its position in SBA Communications Co. (NASDAQ:SBAC) by 5.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 98,680 shares of the technology company’s stock after selling 5,327 shares during the period. Victory Capital Management Inc.’s holdings in SBA Communications were worth $25,034,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of SBAC. Principal Financial Group Inc. boosted its stake in shares of SBA Communications by 0.8% during the third quarter. Principal Financial Group Inc. now owns 2,801,806 shares of the technology company’s stock worth $560,838,000 after buying an additional 21,792 shares during the period. Invesco Ltd. raised its stake in SBA Communications by 140.6% during the 3rd quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock valued at $429,140,000 after acquiring an additional 1,252,764 shares during the last quarter. Ameriprise Financial Inc. lifted its position in SBA Communications by 115.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock worth $271,838,000 after acquiring an additional 727,163 shares during the period. Northern Trust Corp grew its stake in shares of SBA Communications by 1.0% in the 3rd quarter. Northern Trust Corp now owns 1,209,592 shares of the technology company’s stock valued at $242,124,000 after purchasing an additional 12,450 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of SBA Communications by 0.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,133,898 shares of the technology company’s stock valued at $226,972,000 after purchasing an additional 6,131 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

SBAC stock opened at $197.22 on Thursday. The stock’s 50 day moving average price is $208.00 and its 200 day moving average price is $222.65. The firm has a market cap of $21.32 billion, a P/E ratio of 38.67, a PEG ratio of 0.57 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) last posted its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 EPS 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 analyst estimates of $671.08 million. During the same quarter last year, the company earned $3.13 earnings per share. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, research analysts predict that SBA Communications Co. will post 12.53 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Wednesday, May 22nd. This represents a $3.92 annualized dividend and a yield of 1.99%. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

Analysts Set New Price Targets

A number of research firms recently weighed in on SBAC. Citigroup lowered their price objective on shares of SBA Communications from $290.00 to $260.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. KeyCorp dropped their price target on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 30th. Wells Fargo & Company reduced their price objective on shares of SBA Communications from $260.00 to $230.00 and set an “overweight” rating for the company in a research report on Tuesday, April 30th. Bank of America upgraded SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price on the stock in a research report on Thursday, March 7th. Finally, BMO Capital Markets reduced their price target on SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a report on Tuesday, February 27th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $254.75.

Insiders Place Their Bets

In other news, Director Mary S. Chan sold 1,977 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total transaction of $430,966.23. Following the transaction, the director now directly owns 4,622 shares in the company, valued at approximately $1,007,549.78. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.30% of the stock is owned by corporate insiders.

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.