Amalgamated Bank Cuts Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Amalgamated Bank trimmed its holdings in SBA Communications Co. (NASDAQ:SBAC) by 4.7% in the 4th quarter, HoldingsChannel reports. The firm owned 26,188 shares of the technology company’s stock after selling 1,304 shares during the quarter. Amalgamated Bank’s holdings in SBA Communications were worth $6,644,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SBAC. Natixis Advisors L.P. raised its holdings in shares of SBA Communications by 38.9% during the 4th quarter. Natixis Advisors L.P. now owns 51,004 shares of the technology company’s stock worth $12,939,000 after acquiring an additional 14,296 shares in the last quarter. First Trust Direct Indexing L.P. grew its stake in shares of SBA Communications by 44.4% in the 4th quarter. First Trust Direct Indexing L.P. now owns 1,820 shares of the technology company’s stock worth $462,000 after buying an additional 560 shares in the last quarter. New York Life Investment Management LLC grew its stake in shares of SBA Communications by 107.6% in the 4th quarter. New York Life Investment Management LLC now owns 43,319 shares of the technology company’s stock worth $10,990,000 after buying an additional 22,456 shares in the last quarter. Savant Capital LLC bought a new stake in shares of SBA Communications in the 4th quarter worth about $596,000. Finally, Duff & Phelps Investment Management Co. lifted its holdings in shares of SBA Communications by 11.7% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 221,087 shares of the technology company’s stock valued at $56,088,000 after acquiring an additional 23,135 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

SBA Communications Stock Performance

Shares of SBAC stock opened at $193.09 on Monday. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The firm has a market capitalization of $20.87 billion, a price-to-earnings ratio of 37.86, a PEG ratio of 0.57 and a beta of 0.59. The stock’s 50-day simple moving average is $208.38 and its 200-day simple moving average is $222.60.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. The company had revenue of $657.86 million during the quarter, compared to analyst estimates of $671.08 million. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the business posted $3.13 EPS. As a group, equities analysts forecast that SBA Communications Co. will post 12.53 earnings per share for the current year.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd will be paid a $0.98 dividend. The ex-dividend date is Wednesday, May 22nd. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.03%. SBA Communications’s payout ratio is currently 76.86%.

Insider Buying and Selling

In related news, Director Mary S. Chan sold 1,977 shares of SBA Communications stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total transaction of $430,966.23. Following the completion of the transaction, the director now directly owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SBAC. Citigroup dropped their target price on SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. BMO Capital Markets cut their price objective on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 27th. TD Cowen decreased their target price on SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Wells Fargo & Company lowered their price target on shares of SBA Communications from $260.00 to $230.00 and set an “overweight” rating for the company in a research report on Tuesday, April 30th. Finally, KeyCorp cut their price objective on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $254.75.

About SBA Communications

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.