CIBC Asset Management Inc Lowers Stake in SBA Communications Co. (NASDAQ:SBAC)

CIBC Asset Management Inc lowered its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 4.8% in the second quarter, Holdings Channel reports. The institutional investor owned 14,471 shares of the technology company’s stock after selling 732 shares during the period. CIBC Asset Management Inc’s holdings in SBA Communications were worth $2,841,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in SBA Communications by 0.5% during the first quarter. Vanguard Group Inc. now owns 17,368,209 shares of the technology company’s stock worth $3,763,691,000 after buying an additional 88,339 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of SBA Communications by 54.9% during the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock valued at $931,844,000 after purchasing an additional 1,524,302 shares during the last quarter. Brown Advisory Inc. lifted its holdings in shares of SBA Communications by 7.9% during the 4th quarter. Brown Advisory Inc. now owns 2,091,103 shares of the technology company’s stock valued at $530,492,000 after purchasing an additional 153,299 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of SBA Communications by 9.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,958,156 shares of the technology company’s stock valued at $496,765,000 after purchasing an additional 166,554 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of SBA Communications during the 4th quarter valued at $286,079,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Insiders Place Their Bets

In other SBA Communications news, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the sale, the director now directly owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the sale, the chairman now directly owns 109,583 shares in the company, valued at approximately $24,328,521.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director George R. Krouse, Jr. sold 325 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following the sale, the director now owns 8,084 shares in the company, valued at $1,775,084.72. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

SBA Communications Stock Performance

Shares of SBAC opened at $233.37 on Friday. The business’s 50-day moving average is $214.21 and its two-hundred day moving average is $206.75. The company has a market capitalization of $25.08 billion, a P/E ratio of 45.76, a P/E/G ratio of 0.70 and a beta of 0.67. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.07 by ($0.56). The company had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.21 million. SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. SBA Communications’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $3.24 earnings per share. Analysts forecast that SBA Communications Co. will post 12.53 EPS for the current year.

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.68%. The ex-dividend date is Thursday, August 22nd. SBA Communications’s dividend payout ratio is currently 76.86%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. BMO Capital Markets decreased their price objective on SBA Communications from $250.00 to $245.00 and set an “outperform” rating for the company in a report on Tuesday, July 30th. Barclays decreased their price objective on SBA Communications from $240.00 to $236.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. TD Cowen reduced their target price on SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Wells Fargo & Company lowered SBA Communications from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $230.00 to $220.00 in a research note on Monday, July 15th. Finally, KeyCorp raised their target price on SBA Communications from $227.00 to $230.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $237.92.

SBA Communications Profile

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.