Panagora Asset Management Inc. Sells 534 Shares of SBA Communications Co. (NASDAQ:SBAC)

Panagora Asset Management Inc. reduced its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 17.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,459 shares of the technology company’s stock after selling 534 shares during the quarter. Panagora Asset Management Inc.’s holdings in SBA Communications were worth $483,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Gilbert & Cook Inc. boosted its holdings in shares of SBA Communications by 8.3% during the fourth quarter. Gilbert & Cook Inc. now owns 2,386 shares of the technology company’s stock worth $605,000 after purchasing an additional 183 shares during the period. Natixis Advisors L.P. raised its position in SBA Communications by 38.9% during the 4th quarter. Natixis Advisors L.P. now owns 51,004 shares of the technology company’s stock valued at $12,939,000 after purchasing an additional 14,296 shares during the last quarter. M&T Bank Corp lifted its holdings in SBA Communications by 13.8% in the 4th quarter. M&T Bank Corp now owns 5,157 shares of the technology company’s stock worth $1,308,000 after buying an additional 626 shares during the period. Vestmark Advisory Solutions Inc. bought a new stake in shares of SBA Communications in the 4th quarter worth approximately $310,000. Finally, Private Advisor Group LLC increased its stake in shares of SBA Communications by 5.9% during the fourth quarter. Private Advisor Group LLC now owns 1,570 shares of the technology company’s stock valued at $398,000 after buying an additional 88 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Royal Bank of Canada raised their price target on SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. KeyCorp lifted their target price on shares of SBA Communications from $227.00 to $230.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. StockNews.com downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a research note on Wednesday. Wells Fargo & Company lowered shares of SBA Communications from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $230.00 to $220.00 in a report on Monday, July 15th. Finally, The Goldman Sachs Group initiated coverage on SBA Communications in a report on Monday, July 1st. They set a “neutral” rating and a $212.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $237.92.

Insider Transactions at SBA Communications

In related news, Director George R. Krouse, Jr. sold 325 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the sale, the director now owns 8,084 shares of the company’s stock, valued at $1,775,084.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the sale, the director now directly owns 8,084 shares of the company’s stock, valued at $1,775,084.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Jeffrey Stoops sold 49,765 shares of SBA Communications stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the sale, the chairman now owns 109,583 shares of the company’s stock, valued at $24,328,521.83. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

SBA Communications Stock Up 1.8 %

SBA Communications stock opened at $230.81 on Wednesday. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $258.76. The company has a market capitalization of $24.81 billion, a P/E ratio of 45.26, a PEG ratio of 0.70 and a beta of 0.67. The stock’s 50 day moving average is $212.69 and its 200 day moving average is $206.38.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, July 29th. The technology company reported $1.51 EPS for the quarter, missing the consensus estimate of $2.07 by ($0.56). The company had revenue of $660.50 million during the quarter, compared to the consensus estimate of $665.21 million. SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The company’s revenue was down 2.7% compared to the same quarter last year. During the same period last year, the firm posted $3.24 earnings per share. As a group, equities analysts expect that SBA Communications Co. will post 12.53 EPS for the current year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd will be issued a $0.98 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $3.92 annualized dividend and a yield of 1.70%. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

SBA Communications 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.