Cornercap Investment Counsel Inc. Trims Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Cornercap Investment Counsel Inc. decreased its holdings in SBA Communications Co. (NASDAQ:SBAC) by 35.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,698 shares of the technology company’s stock after selling 1,510 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in SBA Communications were worth $649,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of SBA Communications by 10.7% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 527 shares of the technology company’s stock worth $127,000 after purchasing an additional 51 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of SBA Communications by 0.6% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 9,265 shares of the technology company’s stock valued at $1,819,000 after buying an additional 53 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of SBA Communications by 32.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock valued at $52,000 after acquiring an additional 53 shares during the period. Checchi Capital Advisers LLC increased its holdings in SBA Communications by 4.1% in the 2nd quarter. Checchi Capital Advisers LLC now owns 1,457 shares of the technology company’s stock worth $286,000 after acquiring an additional 57 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. lifted its holdings in SBA Communications by 3.9% during the first quarter. Industrial Alliance Investment Management Inc. now owns 1,560 shares of the technology company’s stock valued at $338,000 after purchasing an additional 58 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SBAC has been the topic of several recent analyst reports. BMO Capital Markets raised their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Wells Fargo & Company boosted their price objective on SBA Communications from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Morgan Stanley increased their target price on SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 18th. Barclays lifted their target price on SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Finally, TD Cowen upped their price target on SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and a consensus target price of $257.23.

SBA Communications Stock Up 1.2 %

SBA Communications stock opened at $221.09 on Friday. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $258.76. The firm’s fifty day moving average is $236.70 and its 200 day moving average is $216.02. The company has a market cap of $23.77 billion, a price-to-earnings ratio of 34.87, a PEG ratio of 0.74 and a beta of 0.68.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.17 by ($0.77). SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The business had revenue of $667.60 million for the quarter, compared to analysts’ expectations of $669.29 million. During the same quarter in the prior year, the company posted $3.34 earnings per share. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities research analysts anticipate that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications’s dividend payout ratio is currently 61.83%.

Insider Activity at SBA Communications

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares in the company, valued at $1,213,814.28. The trade was a 23.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the sale, the director now owns 8,084 shares in the company, valued at approximately $1,775,084.72. The trade was a 3.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.

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.