MetLife Investment Management LLC Lowers Stock Position in SBA Communications Co. (NASDAQ:SBAC)

MetLife Investment Management LLC lessened its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 2.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,942 shares of the technology company’s stock after selling 710 shares during the period. MetLife Investment Management LLC’s holdings in SBA Communications were worth $6,726,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Victory Capital Management Inc. increased its stake in shares of SBA Communications by 2,821.5% during the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after purchasing an additional 1,174,469 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of SBA Communications in the 2nd quarter worth approximately $134,738,000. Long Pond Capital LP purchased a new position in SBA Communications during the second quarter valued at $83,687,000. AQR Capital Management LLC boosted its holdings in SBA Communications by 500.0% in the second quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock worth $72,375,000 after acquiring an additional 307,530 shares in the last quarter. Finally, Bank of Montreal Can grew its stake in shares of SBA Communications by 135.5% in the third quarter. Bank of Montreal Can now owns 420,514 shares of the technology company’s stock worth $100,351,000 after acquiring an additional 241,916 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Trading Down 1.0 %

Shares of NASDAQ:SBAC opened at $226.25 on Friday. The stock has a 50 day moving average of $232.78 and a 200 day moving average of $218.20. The company has a market cap of $24.33 billion, a PE ratio of 35.69, a price-to-earnings-growth ratio of 0.77 and a beta of 0.68. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76.

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

SBA Communications Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 annualized dividend and a yield of 1.73%. SBA Communications’s dividend payout ratio is currently 61.83%.

Analysts Set New Price Targets

Several research firms have recently issued reports on SBAC. Wells Fargo & Company lifted their price target on SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. upped their target price 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. KeyCorp raised their price target on shares of SBA Communications from $230.00 to $280.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. TD Cowen upped their price objective on SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Finally, StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. Three 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $257.23.

Insider Activity

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.30% of the company’s stock.

SBA Communications 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.