Amalgamated Bank Sells 676 Shares of SBA Communications Co. (NASDAQ:SBAC)

Amalgamated Bank lessened its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 3.0% in the second quarter, Holdings Channel reports. The institutional investor owned 21,682 shares of the technology company’s stock after selling 676 shares during the period. Amalgamated Bank’s holdings in SBA Communications were worth $4,256,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its holdings in shares of SBA Communications by 54.9% in the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after purchasing an additional 1,524,302 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in 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. Diamond Hill Capital Management Inc. lifted its position in SBA Communications by 13.4% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after purchasing an additional 233,179 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of SBA Communications by 144.7% in the first quarter. BNP Paribas Financial Markets now owns 359,736 shares of the technology company’s stock worth $77,955,000 after acquiring an additional 212,739 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new stake in shares of SBA Communications in the fourth quarter worth about $53,679,000. Institutional investors own 97.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SBAC. Wells Fargo & Company downgraded SBA Communications from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $230.00 to $220.00 in a report on Monday, July 15th. The Goldman Sachs Group initiated coverage on SBA Communications in a research note on Monday, July 1st. They issued a “neutral” rating and a $212.00 price objective on the stock. Morgan Stanley increased their price objective on SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a research note on Wednesday. BMO Capital Markets dropped their price objective on SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $240.00.

SBA Communications Trading Up 0.5 %

Shares of NASDAQ SBAC opened at $239.47 on Friday. The stock has a market capitalization of $25.73 billion, a PE ratio of 46.95, a price-to-earnings-growth ratio of 0.75 and a beta of 0.67. The stock’s fifty day simple moving average is $224.12 and its two-hundred day simple moving average is $209.24. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) 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 the consensus estimate of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The firm’s revenue was down 2.7% compared to the same quarter last year. During the same period last year, the business posted $3.24 EPS. On average, equities analysts predict that SBA Communications Co. will post 12.53 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd were given a $0.98 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.64%. SBA Communications’s payout ratio is 76.86%.

Insider Transactions at SBA Communications

In other news, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the sale, the chairman now owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the sale, the chairman now owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The disclosure for this sale can be found here. Insiders sold 51,590 shares of company stock valued at $11,483,981 in the last quarter. 1.30% of the stock is currently owned by corporate insiders.

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.