Maryland State Retirement & Pension System Boosts Holdings in SBA Communications Co. (NASDAQ:SBAC)

Maryland State Retirement & Pension System raised its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 0.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 98,904 shares of the technology company’s stock after purchasing an additional 771 shares during the quarter. Maryland State Retirement & Pension System’s holdings in SBA Communications were worth $25,091,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. CVA Family Office LLC purchased a new position in SBA Communications during the fourth quarter valued at approximately $37,000. Emerald Advisers LLC bought a new position in SBA Communications in the 3rd quarter worth about $31,000. Pinnacle Bancorp Inc. lifted 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 buying an additional 67 shares during the period. Allworth Financial LP lifted 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 worth $42,000 after acquiring an additional 45 shares during the period. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in SBA Communications in the fourth quarter worth about $43,000. 97.35% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Mary S. Chan sold 1,977 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total transaction of $430,966.23. Following the completion of the sale, the director now directly owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. KeyCorp reduced their target price on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a report on Tuesday, April 30th. BMO Capital Markets cut their price target on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a report on Tuesday, February 27th. Barclays cut their price target on shares of SBA Communications from $255.00 to $241.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. TD Cowen lowered their price objective on SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Finally, Bank of America upgraded 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. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $254.75.

SBA Communications Trading Up 1.8 %

NASDAQ:SBAC traded up $3.44 on Tuesday, hitting $196.03. 575,485 shares of the stock were exchanged, compared to its average volume of 1,003,367. The stock has a market cap of $21.19 billion, a PE ratio of 38.55, a PEG ratio of 0.57 and a beta of 0.59. The stock has a fifty day moving average of $208.08 and a 200-day moving average of $222.62. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The firm had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. During the same quarter in the prior year, the business posted $3.13 earnings per share. SBA Communications’s revenue for the quarter was down 2.6% on a year-over-year basis. As a group, analysts predict that SBA Communications Co. will post 12.53 earnings per share for the current year.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd will be given a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Wednesday, May 22nd. SBA Communications’s dividend payout ratio is currently 76.86%.

SBA Communications Company 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.