ING Groep NV Cuts Holdings in SBA Communications Co. (NASDAQ:SBAC)

ING Groep NV decreased its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 1.8% in the first quarter, HoldingsChannel reports. The firm owned 7,238 shares of the technology company’s stock after selling 132 shares during the quarter. ING Groep NV’s holdings in SBA Communications were worth $2,009,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Mercer Global Advisors Inc. ADV grew its position in shares of SBA Communications by 20.9% during the first quarter. Mercer Global Advisors Inc. ADV now owns 1,411 shares of the technology company’s stock valued at $392,000 after purchasing an additional 244 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of SBA Communications by 40.3% during the first quarter. Acadian Asset Management LLC now owns 3,133 shares of the technology company’s stock valued at $870,000 after purchasing an additional 900 shares in the last quarter. Jacobi Capital Management LLC lifted its holdings in shares of SBA Communications by 905.6% in the 1st quarter. Jacobi Capital Management LLC now owns 181 shares of the technology company’s stock valued at $50,000 after acquiring an additional 163 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of SBA Communications by 131.3% in the 1st quarter. Teacher Retirement System of Texas now owns 94,577 shares of the technology company’s stock valued at $26,250,000 after acquiring an additional 53,692 shares during the last quarter. Finally, Synovus Financial Corp lifted its holdings in shares of SBA Communications by 12.8% in the 1st quarter. Synovus Financial Corp now owns 9,005 shares of the technology company’s stock valued at $2,500,000 after acquiring an additional 1,020 shares during the last quarter. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Shares of NASDAQ SBAC opened at $318.65 on Friday. The company has a market capitalization of $34.84 billion, a P/E ratio of 259.07 and a beta of 0.20. SBA Communications Co. has a 1 year low of $232.88 and a 1 year high of $328.37. The stock has a 50-day moving average price of $294.21.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Sunday, April 25th. The technology company reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.45). SBA Communications had a net margin of 6.59% and a negative return on equity of 2.99%. The company had revenue of $548.70 million for the quarter, compared to the consensus estimate of $540.79 million. During the same period in the prior year, the firm posted ($1.14) EPS. The business’s revenue was up 6.1% on a year-over-year basis. Equities research analysts predict that SBA Communications Co. will post 9.77 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 15th. Stockholders of record on Thursday, May 20th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 0.73%. The ex-dividend date of this dividend is Wednesday, May 19th. SBA Communications’s dividend payout ratio is presently 24.58%.

In other news, Director Duncan Cocroft sold 1,804 shares of SBA Communications stock in a transaction that occurred on Tuesday, May 18th. The shares were sold at an average price of $290.27, for a total transaction of $523,647.08. Following the completion of the sale, the director now owns 66,592 shares of the company’s stock, valued at $19,329,659.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.20% of the company’s stock.

A number of brokerages recently commented on SBAC. Raymond James increased their price target on shares of SBA Communications from $309.00 to $346.00 and gave the company a “strong-buy” rating in a report on Tuesday, May 4th. Zacks Investment Research raised shares of SBA Communications from a “sell” rating to a “hold” rating and set a $272.00 price target for the company in a report on Friday, February 26th. Wells Fargo & Company increased their price target on shares of SBA Communications from $325.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, May 3rd. Deutsche Bank Aktiengesellschaft increased their price target on shares of SBA Communications from $320.00 to $325.00 and gave the company a “buy” rating in a report on Tuesday, April 27th. Finally, Credit Suisse Group raised their price objective on shares of SBA Communications from $277.00 to $312.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 27th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $323.91.

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 and South Africa. By ÂBuilding Better Wireless, SBA generates revenue from two primary businesses Â- site leasing and site development services.

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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