Legacy Wealth Asset Management LLC Has $1.29 Million Holdings in SBA Communications Co. (NASDAQ:SBAC)

Legacy Wealth Asset Management LLC increased its stake in SBA Communications Co. (NASDAQ:SBAC) by 4.7% in the 1st quarter, Holdings Channel reports. The firm owned 5,938 shares of the technology company’s stock after purchasing an additional 268 shares during the period. Legacy Wealth Asset Management LLC’s holdings in SBA Communications were worth $1,287,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. CVA Family Office LLC bought a new position in SBA Communications in the 4th quarter worth $37,000. Glassman Wealth Services lifted its position in shares of SBA Communications by 79.1% during the 4th quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock worth $39,000 after purchasing an additional 68 shares during the last quarter. Pinnacle Bancorp Inc. increased its position 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 during the period. Allworth Financial LP grew its position 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 purchasing an additional 45 shares during the last quarter. Finally, Quarry LP grew its position in SBA Communications by 400.0% during the fourth 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. Institutional investors own 97.35% of the company’s stock.

SBA Communications Stock Performance

SBAC stock traded up $3.18 during mid-day trading on Thursday, hitting $192.18. 474,519 shares of the company were exchanged, compared to its average volume of 790,318. The firm has a market cap of $20.65 billion, a P/E ratio of 37.68, a P/E/G ratio of 0.60 and a beta of 0.65. SBA Communications Co. has a 1-year low of $183.64 and a 1-year high of $258.76. The firm’s 50 day simple moving average is $194.47 and its 200 day simple moving average is $212.65.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data 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 business had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. SBA Communications’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period last year, the company earned $3.13 earnings per share. On average, equities research analysts predict that SBA Communications Co. will post 12.51 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd were issued a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Wednesday, May 22nd. SBA Communications’s payout ratio is 76.86%.

Analysts Set New Price Targets

A number of research analysts recently commented on SBAC shares. Wells Fargo & Company cut their target price on SBA Communications from $260.00 to $230.00 and set an “overweight” rating for the company in a research note on Tuesday, April 30th. Barclays dropped their price target on shares of SBA Communications from $241.00 to $240.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Royal Bank of Canada dropped their target price on SBA Communications from $250.00 to $235.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. KeyCorp decreased their price target on SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 30th. Finally, Bank of America upgraded SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price objective for the company in a research note on Thursday, March 7th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, SBA Communications presently has an average rating of “Moderate Buy” and an average price target of $249.08.

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.