Park Place Capital Corp Sells 151 Shares of SBA Communications Co. (NASDAQ:SBAC)

Park Place Capital Corp trimmed its holdings in SBA Communications Co. (NASDAQ:SBAC) by 16.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 785 shares of the technology company’s stock after selling 151 shares during the period. Park Place Capital Corp’s holdings in SBA Communications were worth $170,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Norges Bank bought a new position in shares of SBA Communications during the fourth quarter valued at about $286,079,000. Ameriprise Financial Inc. lifted its position in shares of SBA Communications by 115.3% during the third quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock valued at $271,838,000 after purchasing an additional 727,163 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of SBA Communications by 111.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 734,795 shares of the technology company’s stock valued at $186,410,000 after purchasing an additional 387,855 shares in the last quarter. Westfield Capital Management Co. LP bought a new position in shares of SBA Communications during the fourth quarter valued at about $53,679,000. Finally, Kodai Capital Management LP bought a new position in shares of SBA Communications during the fourth quarter valued at about $51,311,000. 97.35% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Bank of America raised shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a research report on Thursday, March 7th. KeyCorp decreased their price objective on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a report on Tuesday, April 30th. The Goldman Sachs Group began coverage on shares of SBA Communications in a report on Monday. They set a “neutral” rating and a $212.00 price objective for the company. TD Cowen decreased their price objective on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. Finally, StockNews.com downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $249.08.

SBA Communications Price Performance

Shares of SBAC traded down $6.52 during trading hours on Monday, hitting $189.78. The company’s stock had a trading volume of 956,909 shares, compared to its average volume of 956,949. The company has a market cap of $20.39 billion, a price-to-earnings ratio of 37.21, a PEG ratio of 0.62 and a beta of 0.65. The business has a 50 day simple moving average of $194.93 and a two-hundred day simple moving average of $213.64. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.21. The firm had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The company’s revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the company earned $3.13 earnings per share. Research analysts predict that SBA Communications Co. will post 12.51 earnings per share for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd were paid a dividend of $0.98 per share. The ex-dividend date was Wednesday, May 22nd. This represents a $3.92 annualized dividend and a yield of 2.07%. SBA Communications’s dividend payout ratio is currently 76.86%.

About SBA Communications

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 throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.