Ensign Peak Advisors Inc Sells 24,506 Shares of SBA Communications Co. (NASDAQ:SBAC)

Ensign Peak Advisors Inc lowered its stake in SBA Communications Co. (NASDAQ:SBAC) by 25.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 70,872 shares of the technology company’s stock after selling 24,506 shares during the quarter. Ensign Peak Advisors Inc owned about 0.07% of SBA Communications worth $13,912,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in SBA Communications by 0.5% in the first quarter. Vanguard Group Inc. now owns 17,368,209 shares of the technology company’s stock valued at $3,763,691,000 after purchasing an additional 88,339 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in SBA Communications by 54.9% in the first quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after acquiring an additional 1,524,302 shares in the last quarter. Diamond Hill Capital Management Inc. increased its holdings in shares of SBA Communications by 13.4% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after acquiring an additional 233,179 shares in the last quarter. American Century Companies Inc. raised its position in shares of SBA Communications by 15.5% during the second quarter. American Century Companies Inc. now owns 1,190,288 shares of the technology company’s stock worth $233,654,000 after purchasing an additional 159,433 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of SBA Communications by 3.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 986,487 shares of the technology company’s stock worth $213,773,000 after purchasing an additional 33,507 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

SBA Communications Price Performance

NASDAQ:SBAC opened at $240.53 on Tuesday. SBA Communications Co. has a 1 year low of $183.64 and a 1 year high of $258.76. The stock’s fifty day moving average price is $224.73 and its two-hundred day moving average price is $209.34. The company has a market cap of $25.84 billion, a P/E ratio of 47.16, a P/E/G ratio of 0.75 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.07 by ($0.56). SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The company had revenue of $660.50 million for the quarter, compared to the consensus estimate of $665.21 million. During the same quarter in the prior year, the company earned $3.24 earnings per share. The company’s quarterly revenue was down 2.7% on a year-over-year basis. On average, analysts expect that SBA Communications Co. will post 12.53 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd were given a $0.98 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.63%. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

Analysts Set New Price Targets

Several research firms have weighed in on SBAC. BMO Capital Markets lowered their price objective on shares of SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. JPMorgan Chase & Co. lifted their price target on SBA Communications from $228.00 to $250.00 and gave the company a “neutral” rating in a research note on Monday. Morgan Stanley increased their price objective on SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. KeyCorp lifted their target price on SBA Communications from $227.00 to $230.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, TD Cowen lowered their price target on SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $241.75.

Insider Activity at SBA Communications

In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s 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 sale, the chairman now owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of SBA Communications stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the completion of the sale, the chairman now directly owns 109,583 shares in the company, valued at $24,328,521.83. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 completion of the transaction, the director now directly owns 8,084 shares in the company, valued at approximately $1,775,084.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,590 shares of company stock valued at $11,483,981. Company insiders own 1.30% 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.