Cypress Capital Group Has $1.02 Million Stake in SBA Communications Co. (NASDAQ:SBAC)

Cypress Capital Group boosted its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 2.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,174 shares of the technology company’s stock after acquiring an additional 107 shares during the quarter. Cypress Capital Group’s holdings in SBA Communications were worth $1,016,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in SBA Communications by 0.5% during the 1st 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 during the last quarter. Principal Financial Group Inc. raised its stake in shares of 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 valued at $931,844,000 after acquiring an additional 1,524,302 shares during the last quarter. Brown Advisory Inc. boosted its holdings in shares of SBA Communications by 7.9% in the 4th quarter. Brown Advisory Inc. now owns 2,091,103 shares of the technology company’s stock worth $530,492,000 after acquiring an additional 153,299 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in SBA Communications by 9.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,958,156 shares of the technology company’s stock worth $496,765,000 after acquiring an additional 166,554 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in SBA Communications by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,171,945 shares of the technology company’s stock valued at $297,311,000 after purchasing an additional 38,047 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on SBAC. KeyCorp increased their target price on SBA Communications from $227.00 to $230.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. BMO Capital Markets decreased their price target on shares of SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. Wells Fargo & Company cut shares of SBA Communications from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $230.00 to $220.00 in a research report on Monday, July 15th. Finally, Barclays decreased their price objective on SBA Communications from $240.00 to $236.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $237.92.

Insider Buying and Selling

In other SBA Communications news, Director George R. Krouse, Jr. sold 325 shares of SBA Communications stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the sale, the director now owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director George R. Krouse, Jr. sold 325 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following 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 SEC, which is accessible through the SEC website. Also, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction 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 transaction, the chairman now directly owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

SBA Communications Stock Performance

NASDAQ:SBAC traded up $8.91 during trading hours on Friday, hitting $227.28. The stock had a trading volume of 991,835 shares, compared to its average volume of 943,907. The business’s 50 day moving average is $207.78 and its 200-day moving average is $205.62. The company has a market cap of $24.42 billion, a price-to-earnings ratio of 44.56, a P/E/G ratio of 0.67 and a beta of 0.65. SBA Communications Co. has a one year low of $183.64 and a one year high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted its 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 negative return on equity of 9.85% and a net margin of 19.22%. The business 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 firm posted $3.24 earnings per share. The business’s revenue was down 2.7% on a year-over-year basis. On average, sell-side analysts anticipate that SBA Communications Co. will post 12.53 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd will be given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Thursday, August 22nd. SBA Communications’s dividend payout ratio is 76.86%.

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.