Oppenheimer Asset Management Inc. Has $335,000 Stake in SBA Communications Co. (NASDAQ:SBAC)

Posted by Defense World Staff on Feb 25th, 2023

Oppenheimer Asset Management Inc. decreased its position in shares of SBA Communications Co. (NASDAQ:SBAC – Get Rating) by 60.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,177 shares of the technology company’s stock after selling 1,814 shares during the period. Oppenheimer Asset Management Inc.’s holdings in SBA Communications were worth $335,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SBAC. EverSource Wealth Advisors LLC lifted its position in SBA Communications by 71.7% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 91 shares of the technology company’s stock worth $26,000 after acquiring an additional 38 shares during the last quarter. Whittier Trust Co. raised its position in shares of SBA Communications by 131.8% during the third quarter. Whittier Trust Co. now owns 102 shares of the technology company’s stock valued at $29,000 after buying an additional 58 shares during the last quarter. Private Trust Co. NA acquired a new position in shares of SBA Communications during the second quarter valued at about $30,000. Carolinas Wealth Consulting LLC raised its position in shares of SBA Communications by 248.0% during the first quarter. Carolinas Wealth Consulting LLC now owns 87 shares of the technology company’s stock valued at $30,000 after buying an additional 62 shares during the last quarter. Finally, Money Concepts Capital Corp acquired a new position in shares of SBA Communications during the third quarter valued at about $35,000. Institutional investors and hedge funds own 93.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SBAC. StockNews.com lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Friday. Credit Suisse Group dropped their price target on shares of SBA Communications from $346.00 to $330.00 and set an “outperform” rating for the company in a research report on Wednesday. Wells Fargo & Company increased their price target on shares of SBA Communications from $300.00 to $340.00 in a research report on Wednesday, December 14th. Wolfe Research raised shares of SBA Communications from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, January 24th. Finally, Cowen dropped their price target on shares of SBA Communications from $389.00 to $341.00 and set an “outperform” rating for the company in a research report on Tuesday, November 1st. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $336.07.

SBA Communications Price Performance

SBAC opened at $257.82 on Friday. SBA Communications Co. has a one year low of $236.20 and a one year high of $379.99. The company’s 50 day simple moving average is $288.05 and its 200-day simple moving average is $293.63. The stock has a market capitalization of $27.84 billion, a P/E ratio of 61.24 and a beta of 0.49.

SBA Communications (NASDAQ:SBAC – Get Rating) last released its quarterly earnings results on Tuesday, February 21st. The technology company reported $0.94 EPS for the quarter, missing the consensus estimate of $2.88 by ($1.94). SBA Communications had a net margin of 17.52% and a negative return on equity of 8.58%. The company had revenue of $686.10 million for the quarter, compared to the consensus estimate of $681.40 million. During the same period last year, the company earned $2.81 earnings per share. SBA Communications’s revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, analysts anticipate that SBA Communications Co. will post 11.72 EPS for the current year.

SBA Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Friday, March 10th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Thursday, March 9th. This is a boost from SBA Communications’s previous quarterly dividend of $0.71. This represents a $3.40 dividend on an annualized basis and a yield of 1.32%. SBA Communications’s dividend payout ratio (DPR) is presently 67.46%.

SBA Communications Company Profile

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SBA Communications Corp. is a real estate investment trust, which engages in the provision of wireless communications infrastructures. It operates through the following business segments: Domestic Site Leasing, International Site Leasing, and Site Development. The Domestic Site Leasing segment includes AT&T, Sprint, T-Mobile, and Verizon Wireless.