Prudential PLC Sells 2,512 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Prudential PLC has reduced its holdings in SBA Communications Corporation by 4.2%, now owning 57,908 shares valued at $12.74 million.
• SBA Communications reported $3.17 EPS for the most recent quarter, surpassing estimates, and achieved a year-over-year revenue increase of 5.8%.
• The company announced a quarterly dividend of $1.11 per share, representing a yield of 2.0% with a payout ratio of 56.42%.

Prudential PLC trimmed its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 57,908 shares of the technology company's stock after selling 2,512 shares during the quarter. Prudential PLC owned approximately 0.05% of SBA Communications worth $12,740,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of SBAC. Independence Bank of Kentucky purchased a new position in shares of SBA Communications during the first quarter valued at approximately $28,000. Stone House Investment Management LLC purchased a new position in SBA Communications in the 1st quarter worth approximately $33,000. Allworth Financial LP raised its holdings in SBA Communications by 62.0% in the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after acquiring an additional 62 shares during the last quarter. NBC Securities Inc. raised its holdings in SBA Communications by 1,575.0% in the 1st quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after acquiring an additional 189 shares during the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in SBA Communications in the 1st quarter worth approximately $47,000. 97.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SBAC shares. Wall Street Zen lowered shares of SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Morgan Stanley boosted their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Bank of America started coverage on shares of SBA Communications in a report on Monday, May 19th. They issued a "buy" rating and a $260.00 price objective for the company. UBS Group boosted their price objective on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, Wells Fargo & Company boosted their price objective on shares of SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 5th. Eight 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 stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $258.25.

SBA Communications Trading Up 1.4%

SBA Communications stock traded up $3.03 during mid-day trading on Friday, hitting $219.94. The stock had a trading volume of 791,328 shares, compared to its average volume of 848,663. The firm has a market capitalization of $23.63 billion, a P/E ratio of 27.95, a P/E/G ratio of 1.99 and a beta of 0.77. The firm's 50 day moving average is $229.43 and its 200 day moving average is $223.92. SBA Communications Corporation has a one year low of $192.55 and a one year high of $252.64.

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

SBA Communications Dividend Announcement

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

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.