CIBC Private Wealth Group LLC Trims Position in SBA Communications Corporation $SBAC

CIBC Private Wealth Group LLC lessened its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 8.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,101 shares of the technology company’s stock after selling 3,499 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in SBA Communications were worth $7,754,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SBAC. Quent Capital LLC purchased a new position in SBA Communications during the 3rd quarter valued at $27,000. Geneos Wealth Management Inc. lifted its position in shares of SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after purchasing an additional 84 shares during the period. Fulcrum Asset Management LLP purchased a new stake in shares of SBA Communications in the 3rd quarter worth about $32,000. Stance Capital LLC bought a new stake in shares of SBA Communications during the 3rd quarter valued at about $45,000. Finally, SJS Investment Consulting Inc. purchased a new position in shares of SBA Communications during the third quarter valued at about $48,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SBAC. JPMorgan Chase & Co. decreased their price target 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. Barclays cut their price objective on SBA Communications from $219.00 to $212.00 and set an “overweight” rating on the stock in a research report on Monday, December 1st. Morgan Stanley reduced their target price on SBA Communications from $225.00 to $215.00 and set an “equal weight” rating on the stock in a report on Monday, March 2nd. Weiss Ratings reissued a “hold (c-)” rating on shares of SBA Communications in a research report on Friday, January 9th. Finally, Scotiabank lowered their target price on SBA Communications from $233.00 to $223.00 and set a “sector perform” rating for the company in a research note on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $232.17.

SBA Communications Price Performance

NASDAQ:SBAC opened at $174.15 on Friday. The company has a market cap of $18.56 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 1.81 and a beta of 0.86. SBA Communications Corporation has a 1 year low of $173.77 and a 1 year high of $245.16. The stock’s 50 day simple moving average is $190.66 and its two-hundred day simple moving average is $192.56.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $725.80 million. During the same quarter in the prior year, the firm earned $3.47 earnings per share. SBA Communications’s revenue was up 3.7% on a year-over-year basis. As a group, analysts anticipate that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a dividend of $1.25 per share. The ex-dividend date is Friday, March 13th. This represents a $5.00 annualized dividend and a dividend yield of 2.9%. This is a positive change from SBA Communications’s previous quarterly dividend of $1.11. SBA Communications’s dividend payout ratio is currently 52.47%.

SBA Communications Profile

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.