New York Life Investment Management LLC Buys 22,456 Shares of SBA Communications Co. (NASDAQ:SBAC)

New York Life Investment Management LLC boosted its position in SBA Communications Co. (NASDAQ:SBAC) by 107.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,319 shares of the technology company’s stock after purchasing an additional 22,456 shares during the quarter. New York Life Investment Management LLC’s holdings in SBA Communications were worth $10,990,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Emerald Advisers LLC acquired a new stake in SBA Communications in the third quarter worth about $31,000. CVA Family Office LLC acquired a new stake in SBA Communications in the 4th quarter worth approximately $37,000. Pinnacle Bancorp Inc. increased its stake in SBA Communications by 73.6% during the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after purchasing an additional 67 shares in the last quarter. Allworth Financial LP raised its holdings in shares of SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after buying an additional 45 shares during the last quarter. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in shares of SBA Communications during the fourth quarter worth $43,000. 97.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at SBA Communications

In related news, Director Mary S. Chan sold 1,977 shares of SBA Communications stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the transaction, the director now owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Wells Fargo & Company reduced their target price on SBA Communications from $260.00 to $230.00 and set an “overweight” rating for the company in a research note on Tuesday. Barclays reduced their price objective on SBA Communications from $255.00 to $241.00 and set an “overweight” rating for the company in a research note on Tuesday. Bank of America upgraded shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a report on Thursday, March 7th. Citigroup decreased their price objective on shares of SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, KeyCorp cut their price objective 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. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $258.23.

SBA Communications Stock Performance

Shares of SBA Communications stock opened at $188.60 on Thursday. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The company has a market cap of $20.39 billion, a P/E ratio of 37.08, a price-to-earnings-growth ratio of 1.14 and a beta of 0.59. The firm has a 50-day simple moving average of $209.12 and a two-hundred day simple moving average of $222.52.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, topping 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 company had revenue of $657.86 million for the quarter, compared to the consensus estimate of $671.08 million. During the same quarter in the prior year, the business posted $3.13 earnings per share. SBA Communications’s revenue for the quarter was down 2.6% on a year-over-year basis. Equities research analysts forecast that SBA Communications Co. will post 12.61 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd will be paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend is Wednesday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is 76.86%.

SBA Communications Company 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.