SBA Communications Co. (NASDAQ:SBAC) Stock Holdings Lowered by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in SBA Communications Co. (NASDAQ:SBAC) by 2.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 758,021 shares of the technology company’s stock after selling 17,772 shares during the quarter. Bank of New York Mellon Corp owned 0.69% of SBA Communications worth $241,582,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SBAC. Capital Asset Advisory Services LLC raised its holdings in shares of SBA Communications by 2.8% during the second quarter. Capital Asset Advisory Services LLC now owns 1,195 shares of the technology company’s stock valued at $381,000 after acquiring an additional 33 shares during the period. CSat Investment Advisory L.P. raised its holdings in shares of SBA Communications by 57.1% during the first quarter. CSat Investment Advisory L.P. now owns 110 shares of the technology company’s stock valued at $31,000 after acquiring an additional 40 shares during the period. Bahl & Gaynor Inc. raised its holdings in shares of SBA Communications by 1.1% during the second quarter. Bahl & Gaynor Inc. now owns 3,864 shares of the technology company’s stock valued at $1,231,000 after acquiring an additional 42 shares during the period. Baker Tilly Wealth Management LLC raised its holdings in shares of SBA Communications by 3.1% during the second quarter. Baker Tilly Wealth Management LLC now owns 1,588 shares of the technology company’s stock valued at $506,000 after acquiring an additional 48 shares during the period. Finally, Raymond James Trust N.A. raised its holdings in shares of SBA Communications by 3.9% during the second quarter. Raymond James Trust N.A. now owns 1,456 shares of the technology company’s stock valued at $464,000 after acquiring an additional 54 shares during the period. Institutional investors and hedge funds own 93.52% of the company’s stock.

A number of research analysts recently commented on SBAC shares. Morgan Stanley boosted their price objective on shares of SBA Communications from $337.00 to $405.00 and gave the company an “overweight” rating in a research report on Friday, September 10th. They noted that the move was a valuation call. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of SBA Communications from $325.00 to $353.00 and gave the company a “buy” rating in a research report on Thursday, July 8th. They noted that the move was a valuation call. Citigroup boosted their price objective on shares of SBA Communications from $343.00 to $404.00 and gave the company a “buy” rating in a research report on Thursday, August 19th. They noted that the move was a valuation call. Truist Securities boosted their target price on shares of SBA Communications from $335.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday, August 3rd. Finally, Raymond James boosted their target price on shares of SBA Communications from $346.00 to $400.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, August 3rd. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, SBA Communications presently has a consensus rating of “Buy” and a consensus target price of $360.75.

NASDAQ SBAC opened at $344.93 on Friday. The company has a fifty day simple moving average of $351.21 and a 200 day simple moving average of $316.17. The company has a market cap of $37.79 billion, a P/E ratio of 143.72 and a beta of 0.21. SBA Communications Co. has a 1 year low of $232.88 and a 1 year high of $369.56.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Sunday, August 1st. The technology company reported $1.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.69. The business had revenue of $575.40 million during the quarter, compared to the consensus estimate of $559.96 million. SBA Communications had a net margin of 12.33% and a negative return on equity of 5.61%. SBA Communications’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 EPS. As a group, sell-side analysts anticipate that SBA Communications Co. will post 9.9 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 23rd. Investors of record on Thursday, August 26th were paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend was Wednesday, August 25th. SBA Communications’s payout ratio is currently 24.58%.

In other news, CAO Brian D. Lazarus sold 24,263 shares of the stock in a transaction on Friday, September 3rd. The shares were sold at an average price of $366.17, for a total value of $8,884,382.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark R. Ciarfella sold 2,377 shares of the stock in a transaction on Wednesday, August 11th. The shares were sold at an average price of $345.00, for a total transaction of $820,065.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 292,752 shares of company stock valued at $105,204,175. Corporate insiders own 2.20% of the company’s stock.

SBA Communications Profile

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.

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

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