Citigroup Inc. Sells 49,906 Shares of SBA Communications Co. (NASDAQ:SBAC)

Citigroup Inc. trimmed its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 36.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 86,069 shares of the technology company’s stock after selling 49,906 shares during the quarter. Citigroup Inc.’s holdings in SBA Communications were worth $20,717,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bayesian Capital Management LP bought a new stake in shares of SBA Communications during the first quarter valued at approximately $715,000. Janus Henderson Group PLC increased its position in SBA Communications by 1,305.8% during the 1st quarter. Janus Henderson Group PLC now owns 224,985 shares of the technology company’s stock valued at $48,732,000 after purchasing an additional 208,981 shares during the period. B. Riley Wealth Advisors Inc. raised its holdings in shares of SBA Communications by 16.5% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,781 shares of the technology company’s stock valued at $356,000 after purchasing an additional 252 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of SBA Communications by 1.2% in the 1st quarter. California State Teachers Retirement System now owns 176,380 shares of the technology company’s stock worth $38,222,000 after purchasing an additional 2,043 shares during the period. Finally, Tidal Investments LLC boosted its stake in shares of SBA Communications by 105.4% during the first quarter. Tidal Investments LLC now owns 5,279 shares of the technology company’s stock valued at $1,144,000 after purchasing an additional 2,709 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SBAC has been the subject of a number of analyst reports. Morgan Stanley upped their price objective on SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft raised their price target on shares of SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Royal Bank of Canada boosted their price objective on shares of SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Wells Fargo & Company increased their target price on shares of SBA Communications from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Finally, KeyCorp lifted their price target on shares of SBA Communications from $230.00 to $280.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $257.23.

Insider Transactions at SBA Communications

In related news, EVP Donald Day sold 1,500 shares of SBA Communications 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 directly owns 4,998 shares in the company, valued at approximately $1,213,814.28. This trade represents a 23.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.30% of the company’s stock.

SBA Communications Price Performance

Shares of SBAC stock opened at $226.59 on Wednesday. The business has a fifty day moving average of $233.47 and a 200 day moving average of $217.86. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76. The firm has a market capitalization of $24.36 billion, a price-to-earnings ratio of 35.74, a price-to-earnings-growth ratio of 0.75 and a beta of 0.68.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data 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). The firm had revenue of $667.60 million during the quarter, compared to analysts’ expectations of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.34 earnings per share. As a group, equities research analysts expect that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be issued a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications’s dividend payout ratio (DPR) is currently 61.83%.

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.