SBA Communications Corporation $SBAC Stake Boosted by California State Teachers Retirement System

California State Teachers Retirement System lifted its stake in SBA Communications Corporation (NASDAQ:SBAC) by 15,128.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,946,855 shares of the technology company’s stock after acquiring an additional 25,776,475 shares during the quarter. California State Teachers Retirement System owned approximately 0.24% of SBA Communications worth $4,578,582,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of SBAC. Greenland Capital Management LP purchased a new position in SBA Communications in the second quarter valued at about $2,294,000. HB Wealth Management LLC increased its position in SBA Communications by 8.5% in the 2nd quarter. HB Wealth Management LLC now owns 1,780 shares of the technology company’s stock worth $314,000 after purchasing an additional 140 shares during the last quarter. Saudi Central Bank raised its stake in shares of SBA Communications by 88.3% during the 2nd quarter. Saudi Central Bank now owns 7,405 shares of the technology company’s stock worth $1,307,000 after purchasing an additional 3,472 shares in the last quarter. AlphaGrep UK Ltd purchased a new stake in shares of SBA Communications during the 2nd quarter worth about $205,000. Finally, Three Seasons Wealth LLC acquired a new stake in shares of SBA Communications during the 2nd quarter valued at about $837,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Price Performance

Shares of NASDAQ:SBAC opened at $186.74 on Thursday. The stock has a market capitalization of $19.81 billion, a P/E ratio of 20.12, a P/E/G ratio of 1.89 and a beta of 0.99. The business has a 50-day moving average of $183.76 and a two-hundred day moving average of $193.89. SBA Communications Corporation has a fifty-two week low of $162.41 and a fifty-two week high of $224.46.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, August 3rd. The technology company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.02. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.51%.The business had revenue of $715.27 million for the quarter, compared to analyst estimates of $706.01 million. During the same quarter in the prior year, the firm posted $3.17 EPS. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, research analysts expect that SBA Communications Corporation will post 11.41 EPS for the current fiscal year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, August 20th will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $5.00 dividend on an annualized basis and a yield of 2.7%. SBA Communications’s dividend payout ratio is presently 53.88%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SBAC shares. Citigroup reissued a “market perform” rating on shares of SBA Communications in a research note on Tuesday, August 4th. Wells Fargo & Company raised shares of SBA Communications from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $220.00 to $210.00 in a research report on Friday, July 17th. UBS Group cut shares of SBA Communications from a “market perform” rating to a “hold” rating in a research note on Monday, August 24th. Royal Bank Of Canada decreased their target price on shares of SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a research report on Friday, July 10th. Finally, JPMorgan Chase & Co. dropped their price target on shares of SBA Communications from $230.00 to $220.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 4th. Seven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $225.53.

Insider Buying and Selling

In other SBA Communications news, Director George R. Krouse, Jr. sold 300 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $182.67, for a total transaction of $54,801.00. Following the transaction, the director owned 8,512 shares in the company, valued at $1,554,887.04. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 9.50% of the stock is currently owned by company insiders.

SBA Communications Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns and operates wireless communications infrastructure. The company provides the sites and facilities that wireless service providers use to support cellular networks, including traditional macro towers, small cells and distributed antenna systems.

SBA’s primary business is leasing space on its communications infrastructure to wireless carriers and other communications companies. It also develops, acquires and manages wireless sites, helping customers expand network coverage and capacity.