PNC Financial Services Group Inc. Acquires 1,799 Shares of SBA Communications Co. (NASDAQ:SBAC)

PNC Financial Services Group Inc. grew its position in SBA Communications Co. (NASDAQ:SBAC) by 11.3% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 17,742 shares of the technology company’s stock after acquiring an additional 1,799 shares during the period. PNC Financial Services Group Inc.’s holdings in SBA Communications were worth $4,270,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in SBAC. Ashton Thomas Securities LLC acquired a new position in SBA Communications in the 3rd quarter worth $26,000. Capital Performance Advisors LLP acquired a new position in SBA Communications in the 3rd quarter worth $35,000. Ridgewood Investments LLC acquired a new position in SBA Communications in the 2nd quarter worth $32,000. Family Firm Inc. acquired a new position in shares of SBA Communications during the 2nd quarter worth about $36,000. Finally, Friedenthal Financial bought a new stake in shares of SBA Communications in the 3rd quarter valued at about $50,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

Insiders Place Their Bets

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. This represents a 23.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

SBAC has been the topic of several research analyst reports. BMO Capital Markets increased their price target on shares of SBA Communications from $255.00 to $260.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. TD Cowen raised their target price on shares of SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. The Goldman Sachs Group raised their target price on shares of SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. 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. Finally, JPMorgan Chase & Co. boosted their price objective on shares of SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. 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 MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and an average price target of $257.23.

SBA Communications Trading Up 0.6 %

Shares of NASDAQ SBAC opened at $220.66 on Monday. The firm’s 50-day moving average price is $234.22 and its 200-day moving average price is $217.46. The firm has a market capitalization of $23.73 billion, a P/E ratio of 34.80, a P/E/G ratio of 0.74 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 posted its earnings results on Monday, October 28th. The technology company reported $2.40 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.77). The business had revenue of $667.60 million for the quarter, compared to the consensus estimate 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 was down 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $3.34 earnings per share. Equities research analysts forecast 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. Shareholders 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 1.78%. The ex-dividend date is Thursday, November 14th. SBA Communications’s payout ratio is 61.83%.

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.