Bank of Nova Scotia Has $3 Million Stock Position in SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• The Bank of Nova Scotia reduced its holdings in SBA Communications Corporation by 17.5%, now owning 13,649 shares valued at approximately $3 million.
• Equities analysts show mixed sentiments with Deutsche Bank cutting its rating from "buy" to "hold," while Citigroup and JMP Securities raised their target prices, reflecting a consensus rating of "Moderate Buy" for the stock.
• SBA Communications recently announced a quarterly dividend of $1.11 per share, indicative of a 2.0% yield on an annualized basis, with a payout ratio of 60.91%.

Bank of Nova Scotia reduced its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 17.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 13,649 shares of the technology company's stock after selling 2,897 shares during the period. Bank of Nova Scotia's holdings in SBA Communications were worth $3,003,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of SBAC. Farther Finance Advisors LLC lifted its position in SBA Communications by 22.0% during the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after acquiring an additional 45 shares during the last quarter. Central Pacific Bank Trust Division lifted its position in SBA Communications by 2.3% during the first quarter. Central Pacific Bank Trust Division now owns 2,250 shares of the technology company's stock worth $495,000 after acquiring an additional 50 shares during the last quarter. DoubleLine ETF Adviser LP lifted its position in SBA Communications by 0.7% during the fourth quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company's stock worth $1,577,000 after acquiring an additional 57 shares during the last quarter. Oakworth Capital Inc. lifted its position in SBA Communications by 25.8% during the first quarter. Oakworth Capital Inc. now owns 293 shares of the technology company's stock worth $64,000 after acquiring an additional 60 shares during the last quarter. Finally, Clear Creek Financial Management LLC lifted its position in SBA Communications by 6.0% during the first quarter. Clear Creek Financial Management LLC now owns 1,100 shares of the technology company's stock worth $242,000 after acquiring an additional 62 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Price Performance

NASDAQ:SBAC traded down $2.29 during mid-day trading on Friday, reaching $220.85. The stock had a trading volume of 569,133 shares, compared to its average volume of 829,142. The stock has a 50-day simple moving average of $230.50 and a two-hundred day simple moving average of $223.47. The stock has a market capitalization of $23.73 billion, a PE ratio of 28.06, a P/E/G ratio of 2.03 and a beta of 0.77. SBA Communications Corporation has a 12 month low of $192.55 and a 12 month high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.10 by $0.07. The business had revenue of $698.98 million for the quarter, compared to analysts' expectations of $670.73 million. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The firm's quarterly revenue was up 5.8% compared to the same quarter last year. During the same period last year, the firm posted $3.29 earnings per share. Equities analysts expect that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st will be given a $1.11 dividend. The ex-dividend date is Thursday, August 21st. This represents a $4.44 dividend on an annualized basis and a yield of 2.0%. SBA Communications's dividend payout ratio (DPR) is currently 56.42%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SBAC shares. UBS Group raised their price objective on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Wells Fargo & Company raised their price objective on shares of SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft downgraded shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective for the company. in a research report on Tuesday, May 20th. Scotiabank started coverage on shares of SBA Communications in a research report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 price objective for the company. Finally, Citigroup restated an "outperform" rating on shares of SBA Communications in a research report on Tuesday, August 5th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $258.25.

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.