Wedge Capital Management L L P NC Decreases Holdings in SBA Communications Co. (NASDAQ:SBAC)

Wedge Capital Management L L P NC trimmed its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 16.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,364 shares of the technology company’s stock after selling 6,655 shares during the period. Wedge Capital Management L L P NC’s holdings in SBA Communications were worth $8,718,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SBAC. CWM LLC increased its stake in SBA Communications by 9.8% in the 3rd quarter. CWM LLC now owns 1,049 shares of the technology company’s stock worth $210,000 after purchasing an additional 94 shares during the period. SG Americas Securities LLC increased its stake in SBA Communications by 10.8% in the 3rd quarter. SG Americas Securities LLC now owns 6,881 shares of the technology company’s stock worth $1,377,000 after purchasing an additional 670 shares during the period. CreativeOne Wealth LLC purchased a new position in SBA Communications in the 3rd quarter worth approximately $202,000. Oak Thistle LLC grew its position in shares of SBA Communications by 132.2% in the 3rd quarter. Oak Thistle LLC now owns 6,285 shares of the technology company’s stock worth $1,258,000 after buying an additional 3,578 shares during the last quarter. Finally, Czech National Bank grew its position in shares of SBA Communications by 47.7% in the 3rd quarter. Czech National Bank now owns 18,943 shares of the technology company’s stock worth $3,792,000 after buying an additional 6,118 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $198.30 on Wednesday. SBA Communications Co. has a 52-week low of $185.23 and a 52-week high of $263.08. The stock has a 50-day simple moving average of $210.70 and a two-hundred day simple moving average of $222.84. The firm has a market capitalization of $21.44 billion, a PE ratio of 43.02, a P/E/G ratio of 1.21 and a beta of 0.56.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, February 26th. The technology company reported $1.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.36). SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The company had revenue of $675.00 million for the quarter, compared to analysts’ expectations of $682.11 million. During the same quarter last year, the company earned $3.11 earnings per share. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. Equities analysts forecast that SBA Communications Co. will post 12.61 earnings per share for the current fiscal year.

SBA Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 1.98%. This is an increase from SBA Communications’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend was Wednesday, March 13th. SBA Communications’s dividend payout ratio is presently 85.03%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SBAC. Bank of America upgraded SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a research report on Thursday, March 7th. Barclays dropped their target price on SBA Communications from $260.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, April 17th. Finally, BMO Capital Markets dropped their target price on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a report on Tuesday, February 27th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $268.00.

Insider Transactions at SBA Communications

In other news, Director Mary S. Chan sold 1,977 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the sale, the director now directly owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.30% of the company’s stock.

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.