Procyon Advisors LLC Has $848,000 Position in SBA Communications Co. (NASDAQ:SBAC)

Procyon Advisors LLC reduced its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 5.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 3,345 shares of the technology company’s stock after selling 186 shares during the period. Procyon Advisors LLC’s holdings in SBA Communications were worth $848,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. State Street Corp increased its position in shares of SBA Communications by 0.5% in the second quarter. State Street Corp now owns 4,760,357 shares of the technology company’s stock valued at $1,103,260,000 after acquiring an additional 23,330 shares during the last quarter. Principal Financial Group Inc. lifted its position in 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 acquiring an additional 21,792 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in SBA Communications by 15.9% in the 1st quarter. JPMorgan Chase & Co. now owns 2,537,428 shares of the technology company’s stock valued at $662,447,000 after purchasing an additional 348,105 shares during the period. Geode Capital Management LLC grew its stake in shares of SBA Communications by 2.0% in the first quarter. Geode Capital Management LLC now owns 2,531,538 shares of the technology company’s stock valued at $659,594,000 after acquiring an additional 49,794 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of SBA Communications by 140.6% during the third quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock worth $429,140,000 after purchasing an additional 1,252,764 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Insider Activity at SBA Communications

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total transaction of $430,966.23. Following the completion of the transaction, the director now owns 4,622 shares of the company’s stock, valued at $1,007,549.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is owned by corporate insiders.

SBA Communications Trading Up 0.6 %

Shares of NASDAQ:SBAC traded up $1.31 during trading on Thursday, reaching $219.39. The company had a trading volume of 64,475 shares, compared to its average volume of 1,011,053. The stock has a market capitalization of $23.72 billion, a P/E ratio of 47.31, a price-to-earnings-growth ratio of 1.31 and a beta of 0.56. SBA Communications Co. has a 12 month low of $185.23 and a 12 month high of $267.42. The company has a fifty day moving average of $217.73 and a two-hundred day moving average of $222.45.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, February 26th. The technology company reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.36). The company had revenue of $675.00 million during the quarter, compared to the consensus estimate of $682.11 million. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The company’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the firm posted $3.11 EPS. As a group, equities research analysts predict that SBA Communications Co. will post 12.6 earnings per share for the current year.

SBA Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Thursday, March 14th will be issued a $0.98 dividend. The ex-dividend date of this dividend is Wednesday, March 13th. This represents a $3.92 annualized dividend and a yield of 1.79%. This is a boost from SBA Communications’s previous quarterly dividend of $0.85. SBA Communications’s payout ratio is 85.03%.

Analysts Set New Price Targets

A number of brokerages have issued reports on SBAC. Barclays reduced their price objective on shares of SBA Communications from $265.00 to $260.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 5th. BMO Capital Markets lowered their price objective on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a research report on Tuesday, February 27th. KeyCorp increased their target price on SBA Communications from $251.00 to $276.00 and gave the company an “overweight” rating in a research report on Wednesday, December 6th. Finally, Bank of America upgraded shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target for the company in a research report on Thursday, March 7th. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, SBA Communications presently has a consensus rating of “Buy” and an average price target of $271.50.

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.