Park Place Capital Corp Sells 118 Shares of SBA Communications Co. (NASDAQ:SBAC)

Park Place Capital Corp trimmed its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 15.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 667 shares of the technology company’s stock after selling 118 shares during the period. Park Place Capital Corp’s holdings in SBA Communications were worth $131,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Glassman Wealth Services boosted its holdings in shares of 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 acquiring an additional 68 shares in the last quarter. Pinnacle Bancorp Inc. boosted its holdings in shares of 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 acquiring an additional 67 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of 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 acquiring an additional 45 shares in the last quarter. Quarry LP boosted its holdings in shares of 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 acquiring an additional 132 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in shares of SBA Communications in the 4th quarter worth approximately $43,000. 97.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the sale, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SBAC shares. BMO Capital Markets reduced their price objective on SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. KeyCorp upped their target price on shares of SBA Communications from $227.00 to $230.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Royal Bank of Canada upped their price objective on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research report on Monday. TD Cowen lowered their price objective on shares of SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Finally, The Goldman Sachs Group began coverage on shares of SBA Communications in a research report on Monday, July 1st. They issued a “neutral” rating and a $212.00 price objective for the company. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $241.67.

SBA Communications Stock Down 1.9 %

SBAC traded down $4.37 during midday trading on Monday, hitting $225.36. The company had a trading volume of 1,244,746 shares, compared to its average volume of 966,539. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76. The company has a market capitalization of $24.21 billion, a price-to-earnings ratio of 44.91, a PEG ratio of 0.72 and a beta of 0.65. The stock’s 50 day moving average price is $200.44 and its 200 day moving average price is $206.51.

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 analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $665.21 million. During the same quarter in the prior year, the company earned $3.24 EPS. The company’s revenue was down 2.7% on a year-over-year basis. Research analysts predict that SBA Communications Co. will post 12.53 EPS for the current year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd will be paid a $0.98 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $3.92 annualized dividend and a yield of 1.74%. SBA Communications’s dividend payout ratio (DPR) is 76.86%.

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.