Bank of Montreal Can Raises Position in SBA Communications Co. (NASDAQ:SBAC)

Bank of Montreal Can lifted its stake in SBA Communications Co. (NASDAQ:SBAC) by 135.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 420,514 shares of the technology company’s stock after purchasing an additional 241,916 shares during the period. Bank of Montreal Can’s holdings in SBA Communications were worth $100,351,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of SBAC. Ashton Thomas Securities LLC purchased a new stake in SBA Communications in the third quarter worth about $26,000. Ridgewood Investments LLC purchased a new position in SBA Communications during the second quarter valued at approximately $32,000. Capital Performance Advisors LLP purchased a new stake in shares of SBA Communications in the third quarter worth $35,000. Family Firm Inc. purchased a new position in shares of SBA Communications during the 2nd quarter valued at $36,000. Finally, Global X Japan Co. Ltd. bought a new position in SBA Communications in the 2nd quarter worth $49,000. 97.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft increased their target price on SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Raymond James lifted their price objective on shares of SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th. Barclays upped their target price on shares of SBA Communications from $236.00 to $256.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Morgan Stanley lifted their price target on shares of SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Finally, BMO Capital Markets boosted their price target on shares of SBA Communications from $255.00 to $260.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, SBA Communications has an average rating of “Moderate Buy” and an average target price of $257.23.

SBA Communications Price Performance

Shares of SBAC stock opened at $226.59 on Wednesday. The company has a market cap of $24.36 billion, a PE ratio of 35.74, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68. The stock’s 50 day simple moving average is $233.47 and its two-hundred day simple moving average is $217.86. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76.

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

SBA Communications Dividend Announcement

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 given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Thursday, November 14th. SBA Communications’s dividend payout ratio (DPR) is currently 61.83%.

Insiders Place Their Bets

In other news, EVP Donald Day sold 1,500 shares of the company’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 transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. This represents a 23.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.30% of the stock is 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.