SBA Communications Corp. (SBAC) Stake Boosted by Westpac Banking Corp
Westpac Banking Corp raised its position in SBA Communications Corp. (NASDAQ:SBAC) by 481.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,512 shares of the company’s stock after buying an additional 45,143 shares during the period. Westpac Banking Corp’s holdings in SBA Communications Corp. were worth $5,624,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Norges Bank bought a new position in SBA Communications Corp. during the fourth quarter worth about $49,182,000. OLD National Bancorp IN bought a new position in SBA Communications Corp. during the first quarter worth about $1,043,000. Aperio Group LLC boosted its position in SBA Communications Corp. by 4.8% in the first quarter. Aperio Group LLC now owns 36,898 shares of the company’s stock worth $3,696,000 after buying an additional 1,685 shares during the period. Mn Services Vermogensbeheer B.V. bought a new position in SBA Communications Corp. during the first quarter worth about $278,000. Finally, Motley Fool Asset Management LLC boosted its position in SBA Communications Corp. by 78.6% in the first quarter. Motley Fool Asset Management LLC now owns 125,000 shares of the company’s stock worth $12,521,000 after buying an additional 55,000 shares during the period. Hedge funds and other institutional investors own 95.54% of the company’s stock.
SBA Communications Corp. (NASDAQ:SBAC) traded up 0.36% on Wednesday, reaching $109.59. 41,082 shares of the company were exchanged. The firm’s market capitalization is $13.66 billion. The firm has a 50-day moving average of $113.61 and a 200 day moving average of $105.61. SBA Communications Corp. has a 12-month low of $82.80 and a 12-month high of $121.45.
SBA Communications Corp. (NASDAQ:SBAC) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.12. The business had revenue of $405.50 million for the quarter, compared to analysts’ expectations of $403.37 million. SBA Communications Corp. had a negative net margin of 2.41% and a negative return on equity of 3.93%. The business’s revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.42 earnings per share. On average, equities analysts predict that SBA Communications Corp. will post $0.94 earnings per share for the current year.
A number of equities analysts have recently issued reports on SBAC shares. Zacks Investment Research cut shares of SBA Communications Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, July 26th. BTIG Research reaffirmed a “buy” rating and issued a $142.00 price target (up previously from $135.00) on shares of SBA Communications Corp. in a research report on Tuesday, July 19th. Barclays PLC raised their price target on shares of SBA Communications Corp. from $115.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, July 21st. Citigroup Inc. reaffirmed a “buy” rating and issued a $132.00 price target (up previously from $112.00) on shares of SBA Communications Corp. in a research report on Monday, July 11th. Finally, Jefferies Group raised their price target on shares of SBA Communications Corp. from $115.00 to $133.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. SBA Communications Corp. presently has an average rating of “Buy” and a consensus price target of $124.27.
In other SBA Communications Corp. news, EVP Jason V. Silberstein sold 22,192 shares of the company’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $115.83, for a total value of $2,570,499.36. Following the sale, the executive vice president now owns 21,727 shares in the company, valued at $2,516,638.41. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Duncan Cocroft acquired 500 shares of the business’s stock in a transaction on Thursday, September 15th. The stock was acquired at an average price of $109.14 per share, for a total transaction of $54,570.00. The disclosure for this purchase can be found here. 2.10% of the stock is currently owned by company insiders.
SBA Communications Corp. Company Profile
SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing.
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