Toronto Dominion Bank lowered its stake in SBA Communications Co. (NASDAQ:SBAC) by 99.9% during the second quarter, Holdings Channel.com reports. The firm owned 101 shares of the technology company’s stock after selling 111,871 shares during the quarter. Toronto Dominion Bank’s holdings in SBA Communications were worth $30,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of SBAC. Capital Research Global Investors raised its position in shares of SBA Communications by 89.2% during the 1st quarter. Capital Research Global Investors now owns 4,292,380 shares of the technology company’s stock worth $1,158,815,000 after acquiring an additional 2,024,037 shares in the last quarter. Cohen & Steers Inc. grew its stake in SBA Communications by 7.7% during the 1st quarter. Cohen & Steers Inc. now owns 3,101,197 shares of the technology company’s stock worth $837,230,000 after buying an additional 221,278 shares during the last quarter. Franklin Resources Inc. grew its stake in SBA Communications by 2.1% during the 1st 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 during the last quarter. Nuveen Asset Management LLC grew its stake in SBA Communications by 25.6% during the 1st quarter. Nuveen Asset Management LLC now owns 1,288,208 shares of the technology company’s stock worth $347,777,000 after buying an additional 262,200 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in SBA Communications by 11.8% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 881,967 shares of the technology company’s stock worth $238,104,000 after buying an additional 93,368 shares during the last quarter. 94.01% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on SBAC shares. Wells Fargo & Co raised their price target on SBA Communications from $325.00 to $340.00 and gave the stock an “overweight” rating in a research note on Friday, July 10th. TheStreet downgraded SBA Communications from a “b-” rating to a “c” rating in a research note on Tuesday, May 5th. Barclays started coverage on SBA Communications in a research note on Wednesday, July 15th. They set an “equal weight” rating and a $308.00 price target on the stock. Deutsche Bank started coverage on SBA Communications in a research note on Friday, June 5th. They set a “buy” rating and a $345.00 price target on the stock. Finally, Bank of America restated a “buy” rating and set a $325.00 price target (up previously from $290.00) on shares of SBA Communications in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $316.75.
In related news, Director Mary S. Chan sold 10,000 shares of SBA Communications stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $311.28, for a total value of $3,112,800.00. Following the sale, the director now directly owns 12,813 shares in the company, valued at $3,988,430.64. The transaction was disclosed in a document filed with the SEC, 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 value of $21,387,669.68. Following the completion of the sale, the chief financial officer now owns 116,124 shares in the company, valued at $36,946,011.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 146,994 shares of company stock worth $46,170,391. Company insiders own 2.20% of the company’s stock.
Shares of SBAC stock traded up $2.83 during midday trading on Thursday, hitting $301.05. The company had a trading volume of 8,986 shares, compared to its average volume of 528,840. SBA Communications Co. has a 52-week low of $205.20 and a 52-week high of $323.02. The stock has a market cap of $34.42 billion, a price-to-earnings ratio of -1,921.57 and a beta of 0.41. The company’s 50 day simple moving average is $303.22 and its 200 day simple moving average is $289.73.
SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, August 3rd. The technology company reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.05 by ($1.85). SBA Communications had a negative net margin of 0.74% and a negative return on equity of 4.24%. The business had revenue of $507.23 million during the quarter, compared to analysts’ expectations of $500.60 million. During the same quarter last year, the firm earned $2.09 earnings per share. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. Analysts forecast that SBA Communications Co. will post 8.75 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, August 25th will be paid a $0.465 dividend. The ex-dividend date is Monday, August 24th. This represents a $1.86 dividend on an annualized basis and a dividend yield of 0.62%. SBA Communications’s dividend payout ratio (DPR) is presently 21.91%.
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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