California Public Employees Retirement System Reduces Stock Position in SBA Communications Co. (NASDAQ:SBAC)

California Public Employees Retirement System trimmed its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 0.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 410,984 shares of the technology company’s stock after selling 3,163 shares during the period. California Public Employees Retirement System owned 0.38% of SBA Communications worth $83,759,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Evermay Wealth Management LLC acquired a new position in shares of SBA Communications in the 4th quarter valued at $27,000. Graney & King LLC acquired a new position in SBA Communications in the fourth quarter valued at $29,000. Oakworth Capital Inc. grew its holdings in shares of SBA Communications by 161.8% during the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock worth $47,000 after purchasing an additional 144 shares during the last quarter. CKW Financial Group acquired a new stake in shares of SBA Communications during the fourth quarter worth about $56,000. Finally, Versant Capital Management Inc lifted its holdings in shares of SBA Communications by 17.3% in the 4th quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock valued at $73,000 after purchasing an additional 53 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SBAC. BMO Capital Markets restated a “market perform” rating and set a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. JMP Securities started coverage on shares of SBA Communications in a research note on Monday, January 27th. They set an “outperform” rating and a $250.00 price target for the company. StockNews.com upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a research note on Tuesday, March 25th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $255.00 target price on shares of SBA Communications in a research note on Monday, February 24th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $252.85.

Insider Buying and Selling

In other news, VP Joshua Koenig sold 2,209 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the sale, the vice president now owns 6,079 shares of the company’s stock, valued at $1,362,790.22. The trade was a 26.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is owned by insiders.

SBA Communications Stock Performance

SBA Communications stock opened at $220.01 on Tuesday. The company has a market cap of $23.68 billion, a P/E ratio of 34.70, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. SBA Communications Co. has a one year low of $183.64 and a one year high of $252.64. The business has a fifty day moving average of $211.64 and a two-hundred day moving average of $219.06.

SBA Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were issued a dividend of $1.11 per share. The ex-dividend date was Thursday, March 13th. This represents a $4.44 dividend on an annualized basis and a yield of 2.02%. This is an increase from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s payout ratio is currently 63.98%.

SBA Communications Profile

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.