NewEdge Wealth LLC Buys New Shares in SBA Communications Co. (NASDAQ:SBAC)

NewEdge Wealth LLC bought a new stake in SBA Communications Co. (NASDAQ:SBAC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,260 shares of the technology company’s stock, valued at approximately $320,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Wetherby Asset Management Inc. increased its stake in SBA Communications by 2.2% in the first quarter. Wetherby Asset Management Inc. now owns 1,940 shares of the technology company’s stock valued at $668,000 after acquiring an additional 41 shares during the last quarter. Stephens Inc. AR increased its stake in SBA Communications by 4.6% in the first quarter. Stephens Inc. AR now owns 986 shares of the technology company’s stock valued at $257,000 after acquiring an additional 43 shares during the last quarter. Glenmede Trust Co. NA increased its stake in SBA Communications by 6.3% in the third quarter. Glenmede Trust Co. NA now owns 748 shares of the technology company’s stock valued at $212,000 after acquiring an additional 44 shares during the last quarter. Allworth Financial LP increased its stake in SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after acquiring an additional 45 shares during the last quarter. Finally, Quaero Capital S.A. boosted its position in SBA Communications by 1.4% during the fourth quarter. Quaero Capital S.A. now owns 3,730 shares of the technology company’s stock valued at $946,000 after buying an additional 50 shares during the period. Institutional investors own 97.35% of the company’s stock.

Insider Buying and Selling

In related news, Director Mary S. Chan sold 1,977 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the transaction, the director now directly owns 4,622 shares of the company’s stock, valued at $1,007,549.78. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. BMO Capital Markets cut their price target on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a research report on Tuesday, February 27th. Bank of America upgraded shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a report on Thursday, March 7th. Finally, Barclays dropped their target price on shares of SBA Communications from $260.00 to $255.00 and set an “overweight” rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, SBA Communications currently has a consensus rating of “Buy” and a consensus target price of $268.00.

SBA Communications Price Performance

SBAC stock opened at $196.22 on Thursday. SBA Communications Co. has a 1 year low of $185.23 and a 1 year high of $266.77. The company has a market cap of $21.21 billion, a P/E ratio of 42.56, a PEG ratio of 1.19 and a beta of 0.56. The firm has a 50-day moving average of $212.12 and a 200 day moving average of $222.50.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, February 26th. The technology company reported $1.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.36). SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The company had revenue of $675.00 million during the quarter, compared to the consensus estimate of $682.11 million. During the same period in the previous year, the company earned $3.11 earnings per share. SBA Communications’s quarterly revenue was down 1.6% on a year-over-year basis. On average, equities research analysts expect that SBA Communications Co. will post 12.6 earnings per share for the current fiscal year.

SBA Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a $0.98 dividend. This is an increase from SBA Communications’s previous quarterly dividend of $0.85. This represents a $3.92 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date was Wednesday, March 13th. SBA Communications’s dividend payout ratio is presently 85.03%.

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.