SBA Communications Co. (NASDAQ:SBAC) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System cut its holdings in SBA Communications Co. (NASDAQ:SBACFree Report) by 0.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,542 shares of the technology company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in SBA Communications were worth $7,495,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in SBA Communications by 0.5% in the second quarter. State Street Corp now owns 4,760,357 shares of the technology company’s stock valued at $1,103,260,000 after acquiring an additional 23,330 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in SBA Communications by 0.8% in the third quarter. Principal Financial Group Inc. now owns 2,801,806 shares of the technology company’s stock valued at $560,838,000 after acquiring an additional 21,792 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in SBA Communications by 15.9% in the first quarter. JPMorgan Chase & Co. now owns 2,537,428 shares of the technology company’s stock valued at $662,447,000 after acquiring an additional 348,105 shares during the last quarter. Geode Capital Management LLC lifted its holdings in SBA Communications by 2.0% in the first quarter. Geode Capital Management LLC now owns 2,531,538 shares of the technology company’s stock valued at $659,594,000 after acquiring an additional 49,794 shares during the last quarter. Finally, Invesco Ltd. raised its position in SBA Communications by 140.6% in the third quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock valued at $429,140,000 after purchasing an additional 1,252,764 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Trading Up 0.8 %

SBA Communications stock opened at $214.64 on Thursday. The stock’s fifty day simple moving average is $216.03 and its 200-day simple moving average is $222.45. The firm has a market capitalization of $23.20 billion, a P/E ratio of 46.56, a P/E/G ratio of 1.30 and a beta of 0.56. SBA Communications Co. has a twelve month low of $185.23 and a twelve month high of $267.42.

SBA Communications (NASDAQ:SBACGet Free Report) last issued its earnings results on Monday, February 26th. The technology company reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.36). The firm had revenue of $675.00 million for the quarter, compared to analyst estimates of $682.11 million. SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.11 EPS. Sell-side analysts predict that SBA Communications Co. will post 12.59 earnings per share for the current year.

SBA Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a dividend of $0.98 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.83%. This is an increase from SBA Communications’s previous quarterly dividend of $0.85. SBA Communications’s payout ratio is presently 85.03%.

Insider Buying and Selling

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the transaction, the director now owns 4,622 shares in the company, valued at $1,007,549.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. BMO Capital Markets cut their target price on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 27th. Barclays cut their target price on SBA Communications from $265.00 to $260.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 5th. Bank of America raised SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price on the stock in a research report on Thursday, March 7th. Finally, KeyCorp boosted their target price on SBA Communications from $251.00 to $276.00 and gave the company an “overweight” rating in a research report on Wednesday, December 6th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $268.38.

Read Our Latest Analysis on SBAC

SBA Communications Company Profile

(Free Report)

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.

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

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