Westpac Banking Corp Decreases Position in SBA Communications Co. (NASDAQ:SBAC)

Westpac Banking Corp decreased its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 96.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 955 shares of the technology company’s stock after selling 27,050 shares during the quarter. Westpac Banking Corp’s holdings in SBA Communications were worth $221,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SBAC. Raymond James Trust N.A. increased its position in SBA Communications by 19.0% during the first quarter. Raymond James Trust N.A. now owns 1,925 shares of the technology company’s stock worth $662,000 after buying an additional 307 shares during the period. Vontobel Holding Ltd. increased its position in SBA Communications by 19.6% during the first quarter. Vontobel Holding Ltd. now owns 2,987 shares of the technology company’s stock worth $1,024,000 after buying an additional 489 shares during the period. Prudential PLC acquired a new position in SBA Communications during the first quarter worth approximately $568,000. Sequoia Financial Advisors LLC acquired a new position in SBA Communications during the first quarter worth approximately $234,000. Finally, Zions Bancorporation N.A. increased its position in SBA Communications by 157.6% during the first quarter. Zions Bancorporation N.A. now owns 322 shares of the technology company’s stock worth $111,000 after buying an additional 197 shares during the period. Hedge funds and other institutional investors own 92.48% of the company’s stock.

SBA Communications Price Performance

SBA Communications stock opened at $233.71 on Friday. SBA Communications Co. has a 1-year low of $185.23 and a 1-year high of $312.34. The company has a market cap of $25.21 billion, a PE ratio of 51.48, a price-to-earnings-growth ratio of 1.30 and a beta of 0.55. The stock’s 50 day moving average price is $207.50 and its 200 day moving average price is $220.83.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Thursday, November 16th will be paid a $0.85 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.45%. SBA Communications’s dividend payout ratio (DPR) is presently 74.89%.

Insider Activity at SBA Communications

In related news, Director Kevin L. Beebe sold 1,500 shares of SBA Communications stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $233.83, for a total value of $350,745.00. Following the sale, the director now directly owns 13,313 shares in the company, valued at $3,112,978.79. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other SBA Communications news, Director Kevin L. Beebe sold 1,500 shares of the business’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $233.83, for a total transaction of $350,745.00. Following the sale, the director now directly owns 13,313 shares in the company, valued at $3,112,978.79. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jeffrey Stoops sold 45,779 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $233.96, for a total value of $10,710,454.84. Following the sale, the chief executive officer now owns 37,889 shares in the company, valued at $8,864,510.44. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

SBAC has been the topic of several research analyst reports. JPMorgan Chase & Co. cut their price target on SBA Communications from $275.00 to $229.00 in a research report on Wednesday, September 27th. BMO Capital Markets dropped their target price on SBA Communications from $260.00 to $250.00 and set a “market perform” rating on the stock in a report on Tuesday, August 1st. Wells Fargo & Company dropped their target price on SBA Communications from $270.00 to $245.00 and set an “overweight” rating on the stock in a report on Tuesday, October 17th. Raymond James dropped their target price on SBA Communications from $297.00 to $285.00 and set a “strong-buy” rating on the stock in a report on Tuesday, August 22nd. Finally, Morgan Stanley dropped their target price on SBA Communications from $311.00 to $227.00 and set an “overweight” rating on the stock in a report on Monday, October 16th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, SBA Communications has an average rating of “Moderate Buy” and an average target price of $279.12.

SBA Communications Company 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 in 16 markets throughout the Americas, Africa and the Philippines, SBA is listed on NASDAQ under the symbol SBAC.