Bank of Nova Scotia Has $2.86 Million Position in SBA Communications Co. (NASDAQ:SBAC)

Bank of Nova Scotia reduced its holdings in SBA Communications Co. (NASDAQ:SBACGet Rating) by 33.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,938 shares of the technology company’s stock after selling 4,555 shares during the quarter. Bank of Nova Scotia’s holdings in SBA Communications were worth $2,861,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Signaturefd LLC lifted its stake in shares of SBA Communications by 6.0% in the first quarter. Signaturefd LLC now owns 546 shares of the technology company’s stock valued at $188,000 after buying an additional 31 shares during the period. Great Diamond Partners LLC lifted its stake in shares of SBA Communications by 2.9% in the second quarter. Great Diamond Partners LLC now owns 1,084 shares of the technology company’s stock valued at $346,000 after buying an additional 31 shares during the period. AdvisorNet Financial Inc lifted its stake in shares of SBA Communications by 52.5% in the second quarter. AdvisorNet Financial Inc now owns 93 shares of the technology company’s stock valued at $30,000 after buying an additional 32 shares during the period. Marks Group Wealth Management Inc lifted its stake in shares of SBA Communications by 2.9% in the first quarter. Marks Group Wealth Management Inc now owns 1,176 shares of the technology company’s stock valued at $405,000 after buying an additional 33 shares during the period. Finally, Clearstead Advisors LLC lifted its stake in shares of SBA Communications by 4.3% in the first quarter. Clearstead Advisors LLC now owns 818 shares of the technology company’s stock valued at $281,000 after buying an additional 34 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $296.02 on Thursday. The firm has a market cap of $31.96 billion, a P/E ratio of 79.79 and a beta of 0.46. The firm has a 50 day simple moving average of $280.79 and a 200 day simple moving average of $312.00. SBA Communications Co. has a fifty-two week low of $236.20 and a fifty-two week high of $391.15.

SBA Communications (NASDAQ:SBACGet Rating) last issued its quarterly earnings results on Monday, October 31st. The technology company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The company had revenue of $675.60 million during the quarter, compared to analyst estimates of $651.42 million. SBA Communications had a net margin of 16.01% and a negative return on equity of 7.57%. The business’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.71 EPS. On average, sell-side analysts expect that SBA Communications Co. will post 11.34 EPS for the current year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Wednesday, November 16th. SBA Communications’s dividend payout ratio is presently 76.55%.

Analysts Set New Price Targets

SBAC has been the subject of a number of analyst reports. Royal Bank of Canada cut their price target on shares of SBA Communications from $370.00 to $330.00 and set an “outperform” rating for the company in a research note on Monday, November 7th. The Goldman Sachs Group cut their price target on shares of SBA Communications from $384.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, October 12th. Cowen cut their price target on shares of SBA Communications from $389.00 to $341.00 and set an “outperform” rating for the company in a research note on Tuesday, November 1st. Wells Fargo & Company cut their price target on shares of SBA Communications from $355.00 to $325.00 and set an “overweight” rating for the company in a research note on Tuesday, October 18th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of SBA Communications from $385.00 to $323.00 and set a “buy” rating for the company in a report on Friday, October 7th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $343.73.

SBA Communications Company Profile

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SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services.

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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