Legacy Trust Buys New Stake in SBA Communications Co. (NASDAQ:SBAC)

Legacy Trust acquired a new stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,836 shares of the technology company's stock, valued at approximately $3,256,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Wetherby Asset Management Inc. raised its holdings in shares of SBA Communications by 2.2% in the first quarter. Wetherby Asset Management Inc. now owns 1,940 shares of the technology company's stock worth $668,000 after buying an additional 41 shares during the period. Stephens Inc. AR raised its holdings in shares of SBA Communications by 4.6% in the first quarter. Stephens Inc. AR now owns 986 shares of the technology company's stock worth $257,000 after buying an additional 43 shares during the period. Glenmede Trust Co. NA raised its holdings in shares of SBA Communications by 6.3% in the third quarter. Glenmede Trust Co. NA now owns 748 shares of the technology company's stock worth $212,000 after buying an additional 44 shares during the period. Quent Capital LLC raised its holdings in shares of SBA Communications by 28.4% in the third quarter. Quent Capital LLC now owns 249 shares of the technology company's stock worth $50,000 after buying an additional 55 shares during the period. Finally, Belpointe Asset Management LLC raised its holdings in shares of SBA Communications by 35.3% in the first quarter. Belpointe Asset Management LLC now owns 211 shares of the technology company's stock worth $55,000 after buying an additional 55 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Price Performance

NASDAQ SBAC traded down $0.39 during midday trading on Friday, hitting $213.40. 629,993 shares of the company traded hands, compared to its average volume of 1,024,393. The company has a market cap of $23.07 billion, a PE ratio of 46.29, a price-to-earnings-growth ratio of 1.31 and a beta of 0.56. The company's 50-day simple moving average is $215.40 and its 200-day simple moving average is $222.33. SBA Communications Co. has a 52 week low of $185.23 and a 52 week high of $267.42.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its earnings results on Monday, February 26th. The technology company reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.36). The company had revenue of $675.00 million for the quarter, compared to the consensus estimate of $682.11 million. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The firm's revenue was down 1.6% compared to the same quarter last year. During the same period last year, the business posted $3.11 EPS. On average, research analysts predict that SBA Communications Co. will post 12.59 earnings per share for the current year.

SBA Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.84%. The ex-dividend date was Wednesday, March 13th. This is a boost from SBA Communications's previous quarterly dividend of $0.85. SBA Communications's dividend payout ratio (DPR) is 85.03%.

Analyst Upgrades and Downgrades

SBAC has been the topic of several recent analyst reports. Barclays reduced their price target on SBA Communications from $265.00 to $260.00 and set an "overweight" rating on the stock in a report on Tuesday, March 5th. BMO Capital Markets dropped their price objective on SBA Communications from $285.00 to $265.00 and set an "outperform" rating on the stock in a research note on Tuesday, February 27th. Finally, Bank of America raised SBA Communications from a "neutral" rating to a "buy" rating and set a $260.00 price objective on the stock in a research note on Thursday, March 7th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, SBA Communications presently has a consensus rating of "Buy" and a consensus target price of $268.38.

Insider Transactions at SBA Communications

In other news, Director Mary S. Chan sold 1,977 shares of the firm's stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the sale, the director now owns 4,622 shares of the company's stock, valued at approximately $1,007,549.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.60% of the company's stock.

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.