California Public Employees Retirement System Acquires 163 Shares of SBA Communications Co. (NASDAQ:SBAC)

California Public Employees Retirement System raised its holdings in SBA Communications Co. (NASDAQ:SBAC) by 0.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 505,819 shares of the technology company’s stock after purchasing an additional 163 shares during the quarter. California Public Employees Retirement System’s holdings in SBA Communications were worth $128,321,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Principal Financial Group Inc. increased its stake in shares of SBA Communications by 0.8% during the third quarter. Principal Financial Group Inc. now owns 2,801,806 shares of the technology company’s stock worth $560,838,000 after purchasing an additional 21,792 shares during the period. Invesco Ltd. increased its stake in shares of SBA Communications by 140.6% during the third quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock worth $429,140,000 after purchasing an additional 1,252,764 shares during the period. Ameriprise Financial Inc. increased its stake in shares of SBA Communications by 115.3% during the third quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock worth $271,838,000 after purchasing an additional 727,163 shares during the period. Northern Trust Corp increased its stake in shares of SBA Communications by 1.0% during the third quarter. Northern Trust Corp now owns 1,209,592 shares of the technology company’s stock worth $242,124,000 after purchasing an additional 12,450 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of SBA Communications by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,133,898 shares of the technology company’s stock worth $226,972,000 after purchasing an additional 6,131 shares during the period. Institutional investors own 97.35% of the company’s stock.

Insider Buying and Selling

In related 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 transaction, the director now directly owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.30% of the stock is owned by corporate insiders.

SBA Communications Stock Up 0.8 %

NASDAQ SBAC opened at $198.30 on Wednesday. SBA Communications Co. has a twelve month low of $185.23 and a twelve month high of $263.08. The company has a market cap of $21.44 billion, a price-to-earnings ratio of 43.02, a price-to-earnings-growth ratio of 1.21 and a beta of 0.56. The business’s fifty day moving average is $210.70 and its 200 day moving average is $222.84.

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

SBA Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were given a dividend of $0.98 per share. This is a positive change from SBA Communications’s previous quarterly dividend of $0.85. This represents a $3.92 annualized dividend and a yield of 1.98%. The ex-dividend date was Wednesday, March 13th. SBA Communications’s dividend payout ratio (DPR) is currently 85.03%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in 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 reduced their price target on SBA Communications from $260.00 to $255.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 17th. Finally, Bank of America raised SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target 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 assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $268.00.

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.