Earnest Partners LLC grew its holdings in SBA Communications Co. (NASDAQ:SBAC) by 3.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 165,568 shares of the technology company’s stock after purchasing an additional 4,946 shares during the period. Earnest Partners LLC owned about 0.15% of SBA Communications worth $37,226,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Advisory Services Network LLC grew its holdings in shares of SBA Communications by 65.4% in the second quarter. Advisory Services Network LLC now owns 129 shares of the technology company’s stock worth $29,000 after acquiring an additional 51 shares during the period. Redhawk Wealth Advisors Inc. bought a new stake in shares of SBA Communications in the second quarter worth $29,000. Certified Advisory Corp bought a new stake in shares of SBA Communications in the second quarter worth $31,000. Berman Capital Advisors LLC grew its holdings in shares of SBA Communications by 103.9% in the second quarter. Berman Capital Advisors LLC now owns 155 shares of the technology company’s stock worth $34,000 after acquiring an additional 79 shares during the period. Finally, Next Capital Management LLC bought a new stake in shares of SBA Communications in the second quarter worth $43,000. 93.35% of the stock is owned by institutional investors and hedge funds.
In other news, CFO Brendan Thomas Cavanagh sold 54,411 shares of SBA Communications stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $268.07, for a total value of $14,585,956.77. Following the sale, the chief financial officer now directly owns 98,751 shares of the company’s stock, valued at $26,472,180.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director George R. Krouse, Jr. sold 2,087 shares of SBA Communications stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $247.51, for a total value of $516,553.37. Following the completion of the sale, the director now directly owns 10,950 shares in the company, valued at $2,710,234.50. The disclosure for this sale can be found here. Insiders sold 101,616 shares of company stock worth $26,774,328 over the last ninety days. Insiders own 2.50% of the company’s stock.
SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, July 29th. The technology company reported $0.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.86 by ($1.58). SBA Communications had a negative return on equity of 4.12% and a net margin of 6.75%. The firm had revenue of $500.10 million during the quarter, compared to the consensus estimate of $489.09 million. During the same period last year, the firm posted ($0.50) earnings per share. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, analysts predict that SBA Communications Co. will post 7.78 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, August 28th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $1.48 annualized dividend and a dividend yield of 0.61%. SBA Communications’s dividend payout ratio (DPR) is 19.47%.
Several analysts recently commented on the company. BidaskClub lowered SBA Communications from a “buy” rating to a “hold” rating in a report on Tuesday. Morgan Stanley lifted their price objective on SBA Communications from $204.00 to $222.00 and gave the stock an “overweight” rating in a report on Monday, May 20th. Bank of America reaffirmed a “neutral” rating and issued a $260.00 price objective (up previously from $245.00) on shares of SBA Communications in a report on Wednesday, August 14th. New Street Research lowered SBA Communications from a “buy” rating to a “neutral” rating and set a $236.00 price objective for the company. in a report on Thursday, June 13th. Finally, TheStreet raised SBA Communications from a “c” rating to a “b-” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $236.67.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By ?Building Better Wireless,? SBA generates revenue from two primary businesses ? site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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