Aviva PLC boosted its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 11.7% during the first quarter, Holdings Channel reports. The firm owned 52,782 shares of the technology company’s stock after purchasing an additional 5,528 shares during the quarter. Aviva PLC’s holdings in SBA Communications were worth $14,250,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. State Street Corp lifted its position in SBA Communications by 6.2% during the fourth quarter. State Street Corp now owns 5,115,596 shares of the technology company’s stock valued at $1,232,807,000 after purchasing an additional 298,236 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of SBA Communications by 2.1% in the first quarter. Franklin Resources Inc. now owns 2,085,682 shares of the technology company’s stock worth $563,163,000 after buying an additional 42,187 shares in the last quarter. Geode Capital Management LLC raised its stake in SBA Communications by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 1,876,947 shares of the technology company’s stock valued at $451,462,000 after purchasing an additional 89,680 shares in the last quarter. Nuveen Asset Management LLC grew its position in SBA Communications by 25.6% in the first quarter. Nuveen Asset Management LLC now owns 1,288,208 shares of the technology company’s stock worth $347,777,000 after acquiring an additional 262,200 shares in the last quarter. Finally, Norges Bank purchased a new stake in SBA Communications during the 4th quarter valued at $227,897,000. Institutional investors own 94.07% of the company’s stock.
In other SBA Communications news, CAO Brian D. Lazarus sold 26,807 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $310.70, for a total transaction of $8,328,934.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brendan Thomas Cavanagh sold 67,223 shares of SBA Communications stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $318.16, for a total transaction of $21,387,669.68. Following the sale, the chief financial officer now owns 116,124 shares of the company’s stock, valued at $36,946,011.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 313,453 shares of company stock worth $95,373,290. 2.20% of the stock is owned by insiders.
Shares of SBAC stock traded down $7.91 during trading hours on Thursday, reaching $298.21. 28,486 shares of the company’s stock were exchanged, compared to its average volume of 854,139. SBA Communications Co. has a 1 year low of $205.20 and a 1 year high of $323.02. The stock has a market cap of $34.17 billion, a PE ratio of -3,786.90 and a beta of 0.41. The stock’s fifty day moving average price is $296.93 and its two-hundred day moving average price is $269.05.
SBA Communications (NASDAQ:SBAC) last released its earnings results on Tuesday, May 5th. The technology company reported ($1.14) EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($3.22). SBA Communications had a negative return on equity of 4.24% and a negative net margin of 0.30%. The company had revenue of $517.10 million during the quarter, compared to analyst estimates of $512.93 million. During the same quarter last year, the business earned $2.07 earnings per share. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, equities analysts expect that SBA Communications Co. will post 8.65 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, May 28th will be issued a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend is Wednesday, May 27th. SBA Communications’s dividend payout ratio (DPR) is presently 21.91%.
A number of analysts have weighed in on SBAC shares. BidaskClub lowered SBA Communications from a “hold” rating to a “sell” rating in a research note on Wednesday. SunTrust Banks upped their price objective on shares of SBA Communications from $255.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, February 24th. Bank of America reissued a “buy” rating and set a $325.00 target price (up previously from $290.00) on shares of SBA Communications in a research report on Wednesday, May 6th. Raymond James dropped their price objective on shares of SBA Communications from $276.00 to $273.00 and set an “outperform” rating on the stock in a research note on Thursday, March 26th. Finally, KeyCorp boosted their price objective on shares of SBA Communications from $292.00 to $317.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $307.71.
SBA Communications 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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