SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its stake in SBA Communications Co. (NASDAQ:SBAC) by 2.4% in the second quarter, Holdings Channel reports. The fund owned 694,863 shares of the technology company’s stock after selling 16,855 shares during the period. Bank of New York Mellon Corp’s holdings in SBA Communications were worth $136,402,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Family Firm Inc. acquired a new stake in SBA Communications during the second quarter worth about $36,000. Glassman Wealth Services grew its stake in shares of SBA Communications by 79.1% in the 4th quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock valued at $39,000 after buying an additional 68 shares during the period. Quarry LP increased its holdings in shares of SBA Communications by 400.0% during the 4th quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after buying an additional 132 shares during the last quarter. Versant Capital Management Inc raised its position in shares of SBA Communications by 4,500.0% during the 2nd quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock valued at $54,000 after buying an additional 270 shares during the period. Finally, Crewe Advisors LLC acquired a new position in SBA Communications in the first quarter valued at approximately $70,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SBAC shares. StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a research note on Friday. BMO Capital Markets cut their price objective on SBA Communications from $250.00 to $245.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. The Goldman Sachs Group started coverage on shares of SBA Communications in a research report on Monday, July 1st. They issued a “neutral” rating and a $212.00 target price on the stock. TD Cowen dropped their price target on shares of SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Finally, Royal Bank of Canada upped their price objective on shares of SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $237.92.

Insider Activity at SBA Communications

In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the completion of the transaction, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman Jeffrey Stoops sold 49,765 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the completion of the sale, the chairman now owns 109,583 shares in the company, valued at $24,328,521.83. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the sale, the director now directly owns 8,084 shares in the company, valued at approximately $1,775,084.72. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

SBA Communications Stock Up 0.1 %

Shares of SBAC stock opened at $227.54 on Tuesday. The firm has a 50 day moving average of $208.50 and a two-hundred day moving average of $205.70. The stock has a market capitalization of $24.45 billion, a PE ratio of 44.62, a P/E/G ratio of 0.67 and a beta of 0.65. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The company had revenue of $660.50 million during the quarter, compared to analysts’ expectations of $665.21 million. During the same quarter last year, the business posted $3.24 earnings per share. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. Analysts expect that SBA Communications Co. will post 12.53 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd will be paid a dividend of $0.98 per share. The ex-dividend date is Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.72%. SBA Communications’s payout ratio is 76.86%.

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 throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.