SBA Communications Co. (NASDAQ:SBAC) Shares Bought by Synovus Financial Corp

Synovus Financial Corp grew its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 13.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,222 shares of the technology company’s stock after purchasing an additional 1,522 shares during the period. Synovus Financial Corp’s holdings in SBA Communications were worth $3,183,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp grew its position in SBA Communications by 1.8% in the 3rd quarter. State Street Corp now owns 4,643,527 shares of the technology company’s stock valued at $1,117,697,000 after buying an additional 81,566 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its holdings in shares of SBA Communications by 13.4% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after acquiring an additional 233,179 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of SBA Communications by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company’s stock valued at $305,637,000 after acquiring an additional 62,555 shares during the period. Victory Capital Management Inc. increased its stake in shares of SBA Communications by 2,821.5% during the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after acquiring an additional 1,174,469 shares during the period. Finally, American Century Companies Inc. lifted its position in SBA Communications by 15.5% in the second quarter. American Century Companies Inc. now owns 1,190,288 shares of the technology company’s stock worth $233,654,000 after purchasing an additional 159,433 shares during the period. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Performance

SBA Communications stock opened at $214.28 on Friday. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76. The firm has a market capitalization of $23.04 billion, a price-to-earnings ratio of 33.80, a P/E/G ratio of 0.73 and a beta of 0.67. The company has a 50 day moving average price of $228.76 and a 200 day moving average price of $220.07.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, October 28th. The technology company reported $2.40 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.77). The business had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The business’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the business earned $3.34 EPS. Equities analysts forecast that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th were given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend was Thursday, November 14th. SBA Communications’s dividend payout ratio (DPR) is 61.83%.

Insider Transactions at SBA Communications

In other SBA Communications news, EVP Mark R. Ciarfella sold 3,545 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $224.33, for a total value of $795,249.85. Following the transaction, the executive vice president now owns 33,588 shares in the company, valued at approximately $7,534,796.04. This represents a 9.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their target price on SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Wells Fargo & Company upped their price target on shares of SBA Communications from $220.00 to $240.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. TD Cowen lifted their price objective on shares of SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Finally, Barclays raised their target price on shares of SBA Communications from $236.00 to $256.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, SBA Communications currently has a consensus rating of “Moderate Buy” and an average price target of $257.23.

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.