Commonwealth Equity Services LLC Sells 1,428 Shares of SBA Communications Co. (NASDAQ:SBAC)

Posted by on Sep 6th, 2023

Commonwealth Equity Services LLC decreased its holdings in shares of SBA Communications Co. (NASDAQ:SBAC – Free Report) by 12.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,285 shares of the technology company’s stock after selling 1,428 shares during the period. Commonwealth Equity Services LLC’s holdings in SBA Communications were worth $2,685,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Carolinas Wealth Consulting LLC boosted its holdings in SBA Communications by 248.0% in the first quarter. Carolinas Wealth Consulting LLC now owns 87 shares of the technology company’s stock valued at $30,000 after acquiring an additional 62 shares during the last quarter. Ruedi Wealth Management Inc. bought a new position in shares of SBA Communications in the 4th quarter valued at about $27,000. Massmutual Trust Co. FSB ADV raised its stake in shares of SBA Communications by 127.7% during the first quarter. Massmutual Trust Co. FSB ADV now owns 107 shares of the technology company’s stock worth $28,000 after buying an additional 60 shares during the last quarter. Resurgent Financial Advisors LLC acquired a new position in SBA Communications in the fourth quarter valued at approximately $31,000. Finally, Ancora Advisors LLC lifted its stake in shares of SBA Communications by 88.6% in the 1st quarter. Ancora Advisors LLC now owns 132 shares of the technology company’s stock valued at $37,000 after purchasing an additional 62 shares during the period. 92.48% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director George R. Krouse, Jr. sold 371 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $229.30, for a total transaction of $85,070.30. Following the transaction, the director now directly owns 8,501 shares in the company, valued at approximately $1,949,279.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on SBAC shares. Royal Bank of Canada lowered their target price on shares of SBA Communications from $276.00 to $265.00 and set an “outperform” rating for the company in a research note on Monday, August 14th. Bank of America lowered SBA Communications from a “buy” rating to a “neutral” rating and set a $245.00 price target on the stock. in a research report on Thursday, August 10th. Wells Fargo & Company lowered their target price on SBA Communications from $300.00 to $270.00 and set an “overweight” rating for the company in a research note on Tuesday, July 18th. UBS Group dropped their target price on shares of SBA Communications from $335.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, August 1st. Finally, Citigroup reduced their price target on shares of SBA Communications from $295.00 to $260.00 and set a “buy” rating for the company in a report on Wednesday, August 2nd. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, SBA Communications currently has a consensus rating of “Moderate Buy” and an average price target of $301.06.

Read Our Latest Analysis on SBAC

SBA Communications Trading Up 0.1 %

Shares of NASDAQ SBAC opened at $221.84 on Wednesday. SBA Communications Co. has a 12-month low of $214.51 and a 12-month high of $334.52. The firm’s 50-day moving average price is $227.65 and its 200-day moving average price is $238.80. The stock has a market capitalization of $24.04 billion, a price-to-earnings ratio of 47.71 and a beta of 0.51.

SBA Communications (NASDAQ:SBAC – Get Free Report) last issued its quarterly earnings data on Monday, July 31st. The technology company reported $1.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.91 by ($1.04). The company had revenue of $678.50 million for the quarter, compared to analysts’ expectations of $676.87 million. SBA Communications had a net margin of 18.71% and a negative return on equity of 9.68%. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the company earned $3.07 earnings per share. On average, equities analysts predict that SBA Communications Co. will post 12.15 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Thursday, August 24th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date is Wednesday, August 23rd. SBA Communications’s dividend payout ratio (DPR) is 73.12%.

SBA Communications Profile

(Free Report)

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.

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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