First Republic Investment Management Inc. lifted its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 55.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,168 shares of the technology company’s stock after buying an additional 777 shares during the quarter. First Republic Investment Management Inc.’s holdings in SBA Communications were worth $487,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also made changes to their positions in the company. FDx Advisors Inc. raised its position in SBA Communications by 24.6% in the second quarter. FDx Advisors Inc. now owns 4,969 shares of the technology company’s stock worth $1,117,000 after acquiring an additional 982 shares during the period. Allstate Corp grew its stake in SBA Communications by 4.1% during the first quarter. Allstate Corp now owns 3,393 shares of the technology company’s stock valued at $677,000 after acquiring an additional 135 shares in the last quarter. TCW Group Inc. grew its stake in SBA Communications by 6.0% during the first quarter. TCW Group Inc. now owns 19,745 shares of the technology company’s stock valued at $3,943,000 after acquiring an additional 1,113 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in SBA Communications by 6.6% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 46,762 shares of the technology company’s stock valued at $10,514,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Swiss National Bank lifted its position in SBA Communications by 1.3% during the first quarter. Swiss National Bank now owns 378,551 shares of the technology company’s stock valued at $75,581,000 after purchasing an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 93.35% of the company’s stock.
Several equities analysts have commented on the stock. Cowen increased their price objective on shares of SBA Communications from $203.00 to $250.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. Bank of America reiterated a “neutral” rating and set a $260.00 price objective (up previously from $245.00) on shares of SBA Communications in a report on Wednesday, August 14th. KeyCorp lifted their price objective on shares of SBA Communications from $259.00 to $292.00 and gave the stock an “overweight” rating in a research report on Monday, August 19th. TheStreet upgraded shares of SBA Communications from a “c” rating to a “b-” rating in a research note on Monday, July 29th. Finally, UBS Group cut shares of SBA Communications from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $209.00 to $240.00 in a research note on Friday, June 7th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $236.67.
Shares of SBAC traded down $2.38 during mid-day trading on Friday, hitting $243.51. 742,453 shares of the company’s stock were exchanged, compared to its average volume of 645,022. The stock’s 50-day moving average is $254.24 and its 200-day moving average is $220.20. The company has a market cap of $27.81 billion, a price-to-earnings ratio of 32.04, a P/E/G ratio of 3.10 and a beta of 0.67. SBA Communications Co. has a fifty-two week low of $146.13 and a fifty-two week high of $270.42.
SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, July 29th. The technology company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.86 by ($1.58). The firm had revenue of $500.10 million during the quarter, compared to analyst estimates of $489.09 million. SBA Communications had a net margin of 6.75% and a negative return on equity of 4.12%. The firm’s revenue was up 9.6% compared to the same quarter last year. During the same period last year, the business earned ($0.50) EPS. As a group, research analysts predict that SBA Communications Co. will post 7.78 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, August 28th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date of this dividend is Tuesday, August 27th. SBA Communications’s dividend payout ratio (DPR) is currently 19.47%.
In related news, CFO Brendan Thomas Cavanagh sold 54,411 shares of SBA Communications stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $268.07, for a total transaction of $14,585,956.77. Following the completion of the sale, the chief financial officer now owns 98,751 shares in the company, valued at approximately $26,472,180.57. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jack Langer sold 5,301 shares of SBA Communications stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $261.91, for a total value of $1,388,384.91. Following the completion of the sale, the director now owns 50 shares of the company’s stock, valued at approximately $13,095.50. The disclosure for this sale can be found here. In the last three months, insiders sold 101,616 shares of company stock valued at $26,774,328. 2.50% of the stock is owned by corporate insiders.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By Building Better Wireless, SBA generates revenue from two primary businesses site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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