Toronto Dominion Bank Cuts Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Toronto Dominion Bank reduced its position in SBA Communications Co. (NASDAQ:SBAC) by 11.3% in the first quarter, Holdings Channel.com reports. The fund owned 71,282 shares of the technology company’s stock after selling 9,085 shares during the period. Toronto Dominion Bank’s holdings in SBA Communications were worth $15,447,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. CVA Family Office LLC purchased a new stake in shares of SBA Communications during the fourth quarter valued at $37,000. Glassman Wealth Services raised its position 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 during the last quarter. Pinnacle Bancorp Inc. lifted its stake in SBA Communications by 73.6% during the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after acquiring an additional 67 shares during the period. Allworth Financial LP boosted its holdings in shares of SBA Communications by 37.8% during the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after acquiring an additional 45 shares during the last quarter. Finally, Quarry LP grew its stake in shares of SBA Communications by 400.0% in the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after acquiring an additional 132 shares during the period. 97.35% of the stock is owned by institutional investors.

SBA Communications Price Performance

Shares of SBAC stock traded up $3.64 during trading hours on Friday, reaching $214.71. 911,889 shares of the company traded hands, compared to its average volume of 941,294. The firm has a 50-day moving average price of $197.54 and a 200 day moving average price of $207.58. The company has a market cap of $23.07 billion, a P/E ratio of 42.10, a P/E/G ratio of 0.66 and a beta of 0.65. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.21. The business had revenue of $657.86 million for the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.13 earnings per share. Sell-side analysts predict that SBA Communications Co. will post 12.51 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd were issued a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 1.83%. The ex-dividend date was Wednesday, May 22nd. SBA Communications’s dividend payout ratio is currently 76.86%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SBAC shares. Citigroup dropped their target price on shares of SBA Communications from $290.00 to $260.00 and set a “buy” rating on the stock in a report on Tuesday, April 30th. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research note on Friday. TD Cowen reduced their price objective 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. KeyCorp lowered their target price on SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. Finally, Barclays cut their price target on SBA Communications from $241.00 to $240.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $248.31.

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.