Amalgamated Bank Has $6.64 Million Stake in SBA Communications Co. (NASDAQ:SBAC)

Amalgamated Bank cut its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 4.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,188 shares of the technology company’s stock after selling 1,304 shares during the period. Amalgamated Bank’s holdings in SBA Communications were worth $6,644,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Emerald Advisers LLC bought a new position in shares of SBA Communications in the third quarter valued at about $31,000. CVA Family Office LLC bought a new position in SBA Communications in the 4th quarter valued at $37,000. Pinnacle Bancorp Inc. boosted its holdings in SBA Communications by 73.6% in the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after acquiring an additional 67 shares during the last quarter. Allworth Financial LP increased its position in SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after purchasing an additional 45 shares during the period. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in SBA Communications during the 4th quarter worth about $43,000. 97.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SBAC has been the topic of several analyst reports. Barclays cut their price objective on shares of SBA Communications from $255.00 to $241.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. BMO Capital Markets reduced their target price on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a report on Tuesday, February 27th. TD Cowen cut their price target on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. KeyCorp reduced their price objective on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 30th. Finally, Bank of America raised shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a research note on Thursday, March 7th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $254.75.

Insider Buying and Selling

In related news, Director Mary S. Chan sold 1,977 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the transaction, the director now owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by company insiders.

SBA Communications Trading Down 0.4 %

SBAC stock opened at $193.09 on Monday. The business’s 50 day simple moving average is $208.38 and its 200 day simple moving average is $222.60. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $258.76. The firm has a market capitalization of $20.87 billion, a PE ratio of 37.86, a PEG ratio of 0.57 and a beta of 0.59.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The business had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same quarter in the prior year, the business earned $3.13 EPS. SBA Communications’s quarterly revenue was down 2.6% on a year-over-year basis. As a group, sell-side analysts predict that SBA Communications Co. will post 12.53 EPS for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd will be issued a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date is Wednesday, May 22nd. SBA Communications’s dividend payout ratio is currently 76.86%.

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.