Zurcher Kantonalbank Zurich Cantonalbank Sells 28,846 Shares of SBA Communications Co. (NASDAQ:SBAC)

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in SBA Communications Co. (NASDAQ:SBAC) by 50.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,948 shares of the technology company’s stock after selling 28,846 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in SBA Communications were worth $6,727,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new position in shares of SBA Communications during the 3rd quarter valued at $26,000. Capital Performance Advisors LLP purchased a new stake in SBA Communications during the third quarter valued at about $35,000. Ridgewood Investments LLC bought a new position in SBA Communications during the second quarter worth about $32,000. Family Firm Inc. bought a new position in SBA Communications during the second quarter worth about $36,000. Finally, Friedenthal Financial purchased a new position in shares of SBA Communications in the third quarter worth about $50,000. 97.35% of the stock is owned by institutional investors.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $226.25 on Monday. The company has a 50 day simple moving average of $232.78 and a two-hundred day simple moving average of $218.45. The firm has a market cap of $24.33 billion, a PE ratio of 35.69, a PEG ratio of 0.76 and a beta of 0.68. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76.

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). The company 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 firm’s revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $3.34 earnings per share. As a group, research analysts anticipate that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 14th will be issued a dividend of $0.98 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.73%. SBA Communications’s dividend payout ratio is 61.83%.

Insider Activity at SBA Communications

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at $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 is available at this hyperlink. 1.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SBAC. Royal Bank of Canada increased their target price on SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research report on Monday, August 5th. Morgan Stanley increased their price objective on SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. The Goldman Sachs Group raised their target price on SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. BMO Capital Markets upped their price target on SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Wells Fargo & Company raised their price objective 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. 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $257.23.

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.