New York State Common Retirement Fund Sells 9,607 Shares of SBA Communications Co. (NASDAQ:SBAC)

New York State Common Retirement Fund trimmed its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 9.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,055 shares of the technology company’s stock after selling 9,607 shares during the quarter. New York State Common Retirement Fund owned approximately 0.09% of SBA Communications worth $23,353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Allworth Financial LP grew its stake in SBA Communications by 37.8% in the fourth 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 period. Quaero Capital S.A. boosted its position in shares of SBA Communications by 1.4% during the fourth quarter. Quaero Capital S.A. now owns 3,730 shares of the technology company’s stock valued at $946,000 after buying an additional 50 shares during the last quarter. Pinnacle Bancorp Inc. boosted its position in shares of SBA Communications by 73.6% during the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after buying an additional 67 shares during the last quarter. UMB Bank n.a. raised its stake in shares of SBA Communications by 12.0% in the fourth quarter. UMB Bank n.a. now owns 674 shares of the technology company’s stock valued at $171,000 after buying an additional 72 shares during the period. Finally, Commerzbank Aktiengesellschaft FI raised its stake in shares of SBA Communications by 3.3% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 2,409 shares of the technology company’s stock valued at $612,000 after buying an additional 76 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Insider Transactions at SBA Communications

In other news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was 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 directly owns 4,622 shares in the company, valued at approximately $1,007,549.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.30% of the company’s stock.

SBA Communications Stock Down 0.9 %

SBA Communications stock opened at $196.23 on Friday. SBA Communications Co. has a 52 week low of $185.23 and a 52 week high of $263.08. The business has a 50-day simple moving average of $210.01 and a 200 day simple moving average of $222.51. The stock has a market cap of $21.21 billion, a price-to-earnings ratio of 42.57, a PEG ratio of 1.22 and a beta of 0.56.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, February 26th. The technology company reported $1.01 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.36). SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The business had revenue of $675.00 million for the quarter, compared to analysts’ expectations of $682.11 million. During the same quarter in the previous year, the firm earned $3.11 earnings per share. SBA Communications’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, research analysts anticipate that SBA Communications Co. will post 12.61 earnings per share for the current year.

SBA Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $0.98 dividend. This is a boost from SBA Communications’s previous quarterly dividend of $0.85. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date was Wednesday, March 13th. SBA Communications’s dividend payout ratio is presently 85.03%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. BMO Capital Markets lowered their target price on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 27th. Barclays decreased their price objective on SBA Communications from $260.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 17th. Finally, Bank of America upgraded SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price objective on the stock in a research note on Thursday, March 7th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $268.00.

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.