Synovus Financial Corp Has $3.18 Million Stake in SBA Communications Co. (NASDAQ:SBAC)

Synovus Financial Corp increased its position in SBA Communications Co. (NASDAQ:SBAC) by 13.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,222 shares of the technology company’s stock after buying an additional 1,522 shares during the period. Synovus Financial Corp’s holdings in SBA Communications were worth $3,183,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Victory Capital Management Inc. grew its position in SBA Communications by 2,821.5% in the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock worth $292,714,000 after acquiring an additional 1,174,469 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of SBA Communications by 377.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock valued at $213,353,000 after purchasing an additional 700,791 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of SBA Communications in the 2nd quarter valued at $134,738,000. Long Pond Capital LP acquired a new position in SBA Communications during the second quarter worth $83,687,000. Finally, AQR Capital Management LLC increased its position in SBA Communications by 500.0% during the second quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock worth $72,375,000 after buying an additional 307,530 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC opened at $214.28 on Friday. The business has a fifty day moving average of $228.76 and a 200-day moving average of $220.07. The firm has a market cap of $23.04 billion, a PE ratio of 33.80, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67. SBA Communications Co. has a twelve month low of $183.64 and a twelve month 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 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 period in the prior year, the firm posted $3.34 earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. On average, analysts anticipate that SBA Communications Co. will post 12.56 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th were paid a $0.98 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.92 annualized dividend and a dividend yield of 1.83%. SBA Communications’s dividend payout ratio (DPR) is currently 61.83%.

Insider Activity

In related news, EVP Mark R. Ciarfella sold 3,545 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $224.33, for a total value of $795,249.85. Following the transaction, the executive vice president now owns 33,588 shares in the company, valued at $7,534,796.04. This trade represents a 9.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Morgan Stanley upped their price target on SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. BMO Capital Markets raised 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. StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Barclays upped their price target on SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, JPMorgan Chase & Co. raised their price objective on shares of SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. Three 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 company. Based on data from MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and a consensus target price of $257.23.

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.