US Bancorp DE lowered its position in SBA Communications (NASDAQ:SBAC) by 4.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 23,922 shares of the technology company’s stock after selling 1,152 shares during the period. US Bancorp DE’s holdings in SBA Communications were worth $4,088,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of the stock. Teachers Insurance & Annuity Association of America boosted its holdings in SBA Communications by 13.6% in the 1st quarter. Teachers Insurance & Annuity Association of America now owns 152,589 shares of the technology company’s stock worth $26,081,000 after buying an additional 18,304 shares during the period. Centersquare Investment Management LLC purchased a new stake in SBA Communications in the 1st quarter worth $1,738,000. State of New Jersey Common Pension Fund D lifted its stake in SBA Communications by 15.4% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 150,000 shares of the technology company’s stock worth $25,638,000 after purchasing an additional 20,000 shares in the last quarter. Waratah Capital Advisors Ltd. purchased a new stake in SBA Communications in the 1st quarter worth $5,200,000. Finally, ETRADE Capital Management LLC lifted its stake in SBA Communications by 31.8% in the 1st quarter. ETRADE Capital Management LLC now owns 8,921 shares of the technology company’s stock worth $1,525,000 after purchasing an additional 2,153 shares in the last quarter. 95.75% of the stock is owned by institutional investors.
Shares of SBA Communications opened at $157.91 on Friday, according to MarketBeat.com. The company has a debt-to-equity ratio of -3.62, a quick ratio of 1.21 and a current ratio of 1.21. The stock has a market cap of $18.06 billion, a PE ratio of 165.05, a price-to-earnings-growth ratio of 17.04 and a beta of 0.86. SBA Communications has a 12-month low of $129.40 and a 12-month high of $177.67.
SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, April 30th. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.07. The firm had revenue of $458.30 million for the quarter, compared to analysts’ expectations of $453.50 million. SBA Communications had a net margin of 5.54% and a negative return on equity of 4.79%. The business’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.69 EPS. sell-side analysts expect that SBA Communications will post 0.92 EPS for the current year.
SBA Communications announced that its Board of Directors has initiated a stock repurchase plan on Monday, February 26th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the technology company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
SBAC has been the topic of several research analyst reports. Guggenheim set a $190.00 price target on shares of SBA Communications and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Cowen reiterated a “buy” rating on shares of SBA Communications in a research note on Tuesday, February 27th. SunTrust Banks reiterated a “buy” rating on shares of SBA Communications in a research note on Tuesday, February 27th. KeyCorp set a $188.00 price target on shares of SBA Communications and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Finally, BidaskClub upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a research note on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $175.69.
In other SBA Communications news, Director Duncan Cocroft bought 500 shares of the firm’s stock in a transaction dated Monday, March 12th. The shares were purchased at an average cost of $167.29 per share, for a total transaction of $83,645.00. Following the transaction, the director now owns 87,966 shares of the company’s stock, valued at $14,715,832.14. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director George R. Krouse, Jr. sold 2,202 shares of the company’s stock in a transaction dated Thursday, May 17th. The shares were sold at an average price of $157.56, for a total transaction of $346,947.12. Following the sale, the director now owns 12,733 shares in the company, valued at $2,006,211.48. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.
About SBA Communications
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By ?Building Better Wireless,? SBA generates revenue from two primary businesses ? site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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