Voya Investment Management LLC Sells 7,619 Shares of SBA Communications Corporation $SBAC

Voya Investment Management LLC reduced its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 16.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,640 shares of the technology company’s stock after selling 7,619 shares during the quarter. Voya Investment Management LLC’s holdings in SBA Communications were worth $7,471,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in SBAC. CVA Family Office LLC lifted its holdings in SBA Communications by 106.3% during the 2nd quarter. CVA Family Office LLC now owns 130 shares of the technology company’s stock valued at $31,000 after buying an additional 67 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of SBA Communications by 105.0% during the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after acquiring an additional 84 shares during the period. IFP Advisors Inc increased its position in shares of SBA Communications by 75.9% during the second quarter. IFP Advisors Inc now owns 234 shares of the technology company’s stock worth $55,000 after acquiring an additional 101 shares during the period. Allworth Financial LP raised its stake in shares of SBA Communications by 67.9% during the second quarter. Allworth Financial LP now owns 272 shares of the technology company’s stock valued at $64,000 after acquiring an additional 110 shares in the last quarter. Finally, CYBER HORNET ETFs LLC purchased a new stake in shares of SBA Communications in the second quarter valued at approximately $65,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on SBAC. Williams Trading set a $237.00 price objective on SBA Communications in a report on Tuesday, November 4th. Weiss Ratings restated a “hold (c-)” rating on shares of SBA Communications in a research note on Tuesday, October 14th. Citigroup decreased their price objective on SBA Communications from $265.00 to $235.00 and set a “buy” rating for the company in a report on Thursday, October 16th. Morgan Stanley lowered their price objective on shares of SBA Communications from $260.00 to $220.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Finally, Bank of America cut shares of SBA Communications from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $260.00 to $230.00 in a report on Wednesday, August 27th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $237.00.

SBA Communications Trading Up 0.7%

SBAC opened at $191.91 on Wednesday. The firm has a market cap of $20.45 billion, a price-to-earnings ratio of 25.02, a PEG ratio of 1.65 and a beta of 0.87. SBA Communications Corporation has a 12 month low of $185.13 and a 12 month high of $245.16. The stock has a fifty day moving average price of $193.92 and a 200-day moving average price of $208.22.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, November 3rd. The technology company reported $3.30 earnings per share for the quarter, beating analysts’ consensus estimates of $3.21 by $0.09. SBA Communications had a negative return on equity of 16.60% and a net margin of 29.69%.The company had revenue of $732.33 million for the quarter, compared to the consensus estimate of $715.65 million. During the same quarter last year, the company earned $3.32 earnings per share. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, equities research analysts forecast that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Stockholders of record on Thursday, November 13th were given a $1.11 dividend. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.3%. SBA Communications’s payout ratio is presently 57.89%.

About SBA Communications

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.