iA Global Asset Management Inc. Sells 7,519 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• iA Global Asset Management Inc. has significantly reduced its position in SBA Communications Corporation by 85.2%, now owning just 1,309 shares worth $288,000.
• SBA Communications has reported a quarterly earnings of $3.17 per share, beating estimates, with revenue of $698.98 million—5.8% higher year-over-year.
• The company announced a quarterly dividend of $1.11 per share, set to be paid to stockholders on September 18th, equating to an annualized yield of 2.0%.

iA Global Asset Management Inc. lessened its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 85.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,309 shares of the technology company's stock after selling 7,519 shares during the period. iA Global Asset Management Inc.'s holdings in SBA Communications were worth $288,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Independence Bank of Kentucky bought a new stake in shares of SBA Communications in the 1st quarter worth $28,000. Allworth Financial LP raised its position in shares of SBA Communications by 62.0% during the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after purchasing an additional 62 shares during the period. NBC Securities Inc. raised its position in shares of SBA Communications by 1,575.0% during the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after purchasing an additional 189 shares during the period. Wayfinding Financial LLC acquired a new stake in shares of SBA Communications during the first quarter worth $51,000. Finally, Farther Finance Advisors LLC raised its position in shares of 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 purchasing an additional 45 shares during the period. Institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Barclays boosted their target price on SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Citigroup reaffirmed an "outperform" rating on shares of SBA Communications in a research report on Tuesday, August 5th. Scotiabank assumed coverage on SBA Communications in a research report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 target price on the stock. Raymond James Financial set a $265.00 target price on SBA Communications and gave the stock a "strong-buy" rating in a research report on Tuesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft lowered SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price target on the stock. in a research report on Tuesday, May 20th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $258.25.

SBA Communications Trading Down 1.0%

NASDAQ SBAC traded down $2.29 on Friday, reaching $220.85. The stock had a trading volume of 569,133 shares, compared to its average volume of 829,142. The business has a 50 day moving average price of $230.50 and a 200 day moving average price of $223.47. SBA Communications Corporation has a 1 year low of $192.55 and a 1 year high of $252.64. The company has a market capitalization of $23.73 billion, a price-to-earnings ratio of 28.06, a P/E/G ratio of 2.03 and a beta of 0.77.

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

SBA Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st will be paid a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Thursday, August 21st. SBA Communications's dividend payout ratio is 56.42%.

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.