Fulton Bank N.A. Sells 229 Shares of SBA Communications Co. (NASDAQ:SBAC)

Fulton Bank N.A. reduced its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 18.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 998 shares of the technology company’s stock after selling 229 shares during the period. Fulton Bank N.A.’s holdings in SBA Communications were worth $203,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of SBA Communications by 1.8% in the 3rd quarter. State Street Corp now owns 4,643,527 shares of the technology company’s stock worth $1,117,697,000 after acquiring an additional 81,566 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in SBA Communications by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock worth $1,024,049,000 after purchasing an additional 605,872 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of SBA Communications by 13.4% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock worth $387,470,000 after purchasing an additional 233,179 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of SBA Communications by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company’s stock valued at $305,637,000 after purchasing an additional 62,555 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in SBA Communications by 2,821.5% during the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock worth $292,714,000 after buying an additional 1,174,469 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

Insider Buying and Selling at SBA Communications

In related news, EVP Donald Day sold 2,321 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $203.43, for a total transaction of $472,161.03. Following the completion of the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at $1,016,743.14. The trade was a 31.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark R. Ciarfella sold 3,545 shares of SBA Communications stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $224.33, for a total value of $795,249.85. Following the sale, the executive vice president now owns 33,588 shares of the company’s stock, valued at approximately $7,534,796.04. This trade represents a 9.55 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SBAC shares. Morgan Stanley raised their price objective on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. BMO Capital Markets restated a “market perform” rating and set a $230.00 price target (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Barclays increased their price objective on shares of SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. TD Cowen upped their target price on SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Finally, StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $254.92.

SBA Communications Stock Down 3.5 %

SBAC opened at $192.76 on Friday. The firm has a 50-day moving average price of $213.83 and a 200-day moving average price of $221.18. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $252.64. The company has a market capitalization of $20.73 billion, a price-to-earnings ratio of 30.40, a PEG ratio of 0.72 and a beta of 0.69.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). The business had revenue of $667.60 million during the quarter, compared to analysts’ expectations of $669.29 million. SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.34 earnings per share. On average, sell-side analysts expect that SBA Communications Co. will post 12.56 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th were paid a $0.98 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.92 annualized dividend and a yield of 2.03%. SBA Communications’s dividend payout ratio is currently 61.83%.

SBA Communications Company 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.