SBA Communications Corporation (NASDAQ:SBAC) Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its stake in SBA Communications by 11.2%, owning 42,919 shares valued at $9,443,000 after selling 5,403 shares.
• Research analysts have mixed opinions on SBA Communications, with target prices ranging from $240.00 to $265.00 and a current consensus rating of "Moderate Buy."
• SBA Communications operates over 39,000 communications sites worldwide and has a market capitalization of approximately $24.15 billion.

TD Asset Management Inc decreased its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 11.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,919 shares of the technology company's stock after selling 5,403 shares during the period. TD Asset Management Inc's holdings in SBA Communications were worth $9,443,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. HB Wealth Management LLC boosted its holdings in SBA Communications by 40.6% during the first quarter. HB Wealth Management LLC now owns 1,784 shares of the technology company's stock worth $392,000 after buying an additional 515 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in SBA Communications by 3.7% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 22,931 shares of the technology company's stock worth $5,046,000 after purchasing an additional 810 shares in the last quarter. Assetmark Inc. boosted its stake in SBA Communications by 25.1% during the first quarter. Assetmark Inc. now owns 717 shares of the technology company's stock worth $158,000 after buying an additional 144 shares during the last quarter. Cetera Investment Advisers grew its holdings in SBA Communications by 21.3% in the 1st quarter. Cetera Investment Advisers now owns 7,790 shares of the technology company's stock valued at $1,714,000 after buying an additional 1,370 shares in the last quarter. Finally, Avantax Advisory Services Inc. raised its holdings in shares of SBA Communications by 5.2% during the 1st quarter. Avantax Advisory Services Inc. now owns 9,201 shares of the technology company's stock worth $2,024,000 after acquiring an additional 454 shares during the period. Hedge funds and other institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SBAC shares. Raymond James Financial reiterated a "strong-buy" rating and issued a $268.00 price objective (up from $265.00) on shares of SBA Communications in a research report on Tuesday, April 29th. Bank of America began coverage on shares of SBA Communications in a report on Monday, May 19th. They issued a "buy" rating and a $260.00 price objective on the stock. Wells Fargo & Company boosted their price target on shares of SBA Communications from $225.00 to $235.00 and gave the company an "equal weight" rating in a research note on Tuesday. UBS Group increased 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. Finally, Morgan Stanley raised their price target on SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, SBA Communications has a consensus rating of "Moderate Buy" and an average price target of $258.44.

SBA Communications Stock Performance

SBAC stock traded down $8.70 on Tuesday, reaching $221.70. The company had a trading volume of 1,087,722 shares, compared to its average volume of 859,898. SBA Communications Corporation has a 1 year low of $192.55 and a 1 year high of $252.64. The company's fifty day moving average is $231.26 and its 200 day moving average is $223.10. The company has a market cap of $23.82 billion, a P/E ratio of 30.43, a PEG ratio of 1.89 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 earnings per share for the quarter, topping the consensus estimate of $3.10 by $0.07. SBA Communications had a negative return on equity of 15.30% and a net margin of 29.29%. The business had revenue of $698.98 million for the quarter, compared to analyst estimates of $670.73 million. During the same period last year, the company posted $3.29 EPS. The business's quarterly revenue was up 5.8% on a year-over-year basis. On average, sell-side analysts predict 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. Investors 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 yield of 2.0%. SBA Communications's dividend payout ratio (DPR) is presently 60.91%.

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.