Thurston Springer Miller Herd & Titak Inc. Takes $93,000 Position in SBA Communications Co. (NASDAQ:SBAC)

Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of SBA Communications Co. (NASDAQ:SBAC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 476 shares of the technology company’s stock, valued at approximately $93,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Glassman Wealth Services increased its holdings in SBA Communications by 79.1% in the 4th quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock worth $39,000 after buying an additional 68 shares in the last quarter. Pinnacle Bancorp Inc. increased its holdings in SBA Communications by 73.6% in the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after buying an additional 67 shares in the last quarter. Allworth Financial LP increased its holdings in SBA Communications by 37.8% in the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after buying an additional 45 shares in the last quarter. Quarry LP increased its holdings in SBA Communications by 400.0% in the 4th quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after buying an additional 132 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in SBA Communications in the fourth quarter worth about $43,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Price Performance

Shares of SBAC stock traded down $0.79 during trading hours on Tuesday, reaching $220.32. 1,049,337 shares of the company traded hands, compared to its average volume of 971,660. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76. The company has a market cap of $23.67 billion, a P/E ratio of 43.60, a P/E/G ratio of 0.73 and a beta of 0.65. The firm has a 50-day moving average price of $201.10 and a 200 day moving average price of $206.43.

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

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd will be paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.78%. The ex-dividend date is Thursday, August 22nd. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

Insider Activity at SBA Communications

In related news, Chairman Jeffrey Stoops sold 49,765 shares of SBA Communications stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

SBAC has been the topic of several research reports. TD Cowen dropped their target price on SBA Communications from $253.00 to $251.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Wells Fargo & Company cut SBA Communications from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $230.00 to $220.00 in a research report on Monday, July 15th. Citigroup dropped their target price on SBA Communications from $290.00 to $260.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Royal Bank of Canada raised their target price on SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a research report on Tuesday. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $241.67.

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.