Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in SBA Communications Co. (NASDAQ:SBAC) by 601.9% in the third quarter, HoldingsChannel reports. The firm owned 379 shares of the technology company’s stock after purchasing an additional 325 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in SBA Communications were worth $91,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of SBA Communications by 5.0% in the second quarter. BlackRock Inc. now owns 10,196,949 shares of the technology company’s stock worth $2,292,683,000 after purchasing an additional 486,674 shares during the last quarter. Cohen & Steers Inc. grew its holdings in shares of SBA Communications by 28.0% in the second quarter. Cohen & Steers Inc. now owns 4,522,092 shares of the technology company’s stock worth $1,016,747,000 after acquiring an additional 990,368 shares during the period. Canada Pension Plan Investment Board grew its holdings in SBA Communications by 6.5% during the second quarter. Canada Pension Plan Investment Board now owns 2,164,605 shares of the technology company’s stock valued at $486,690,000 after purchasing an additional 132,509 shares during the period. Northern Trust Corp grew its holdings in SBA Communications by 2.9% during the second quarter. Northern Trust Corp now owns 1,274,909 shares of the technology company’s stock valued at $286,650,000 after purchasing an additional 35,929 shares during the period. Finally, Bank of America Corp DE grew its holdings in SBA Communications by 9.1% during the second quarter. Bank of America Corp DE now owns 1,176,644 shares of the technology company’s stock valued at $264,557,000 after purchasing an additional 97,807 shares during the period. Institutional investors own 93.32% of the company’s stock.
In other SBA Communications news, Director Jack Langer sold 5,301 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $261.91, for a total transaction of $1,388,384.91. Following the sale, the director now directly owns 50 shares in the company, valued at $13,095.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Brendan Thomas Cavanagh sold 54,411 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were 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 owns 98,751 shares in the company, valued at $26,472,180.57. The disclosure for this sale can be found here. Insiders sold 81,854 shares of company stock worth $21,753,404 over the last quarter. 2.50% of the stock is owned by company insiders.
SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, October 28th. The technology company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $1.97 by ($1.78). The firm had revenue of $486.60 million during the quarter, compared to analysts’ expectations of $497.48 million. SBA Communications had a negative return on equity of 4.16% and a net margin of 6.89%. SBA Communications’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.92 earnings per share. As a group, analysts predict that SBA Communications Co. will post 7.81 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, November 21st will be given a $0.37 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.64%. SBA Communications’s dividend payout ratio is currently 19.47%.
SBAC has been the subject of several recent research reports. KeyCorp boosted their price target on SBA Communications from $259.00 to $292.00 and gave the company an “overweight” rating in a report on Monday, August 19th. JPMorgan Chase & Co. lowered SBA Communications from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $220.00 to $270.00 in a report on Thursday, August 1st. SunTrust Banks boosted their price target on SBA Communications to $255.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. BidaskClub downgraded SBA Communications from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley downgraded SBA Communications from an “overweight” rating to an “equal” rating and boosted their price objective for the company from $222.00 to $249.00 in a research report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. SBA Communications presently has an average rating of “Hold” and a consensus target price of $248.73.
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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