California State Teachers Retirement System Decreases Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

California State Teachers Retirement System trimmed its position in shares of SBA Communications Co. (NASDAQ:SBAC – Get Rating) by 1.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,791 shares of the technology company’s stock after selling 2,887 shares during the period. California State Teachers Retirement System owned approximately 0.17% of SBA Communications worth $50,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. FMR LLC increased its position in shares of SBA Communications by 37.5% during the 2nd quarter. FMR LLC now owns 2,875,067 shares of the technology company’s stock valued at $920,165,000 after purchasing an additional 783,686 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of SBA Communications by 26.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,988,846 shares of the technology company’s stock valued at $956,580,000 after purchasing an additional 624,389 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of SBA Communications by 55.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,024,359 shares of the technology company’s stock valued at $327,847,000 after purchasing an additional 366,879 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of SBA Communications by 23.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,597,992 shares of the technology company’s stock valued at $511,436,000 after purchasing an additional 307,538 shares during the last quarter. Finally, Centersquare Investment Management LLC increased its position in shares of SBA Communications by 136.0% during the 3rd quarter. Centersquare Investment Management LLC now owns 423,337 shares of the technology company’s stock valued at $120,503,000 after purchasing an additional 243,923 shares during the last quarter. 93.54% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Price Performance

Shares of NASDAQ SBAC opened at $258.44 on Friday. The stock has a market capitalization of $27.92 billion, a P/E ratio of 61.39 and a beta of 0.49. SBA Communications Co. has a 1-year low of $236.20 and a 1-year high of $379.99. The business has a fifty day moving average price of $280.04 and a 200 day moving average price of $284.88.

SBA Communications (NASDAQ:SBAC – Get Rating) last issued its quarterly earnings data on Tuesday, February 21st. The technology company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.88 by ($1.94). The company had revenue of $686.10 million for the quarter, compared to analysts’ expectations of $681.40 million. SBA Communications had a negative return on equity of 8.58% and a net margin of 17.52%. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.81 earnings per share. As a group, equities research analysts anticipate that SBA Communications Co. will post 11.74 earnings per share for the current fiscal year.

SBA Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Friday, March 10th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Thursday, March 9th. This is a boost from SBA Communications’s previous quarterly dividend of $0.71. This represents a $3.40 dividend on an annualized basis and a yield of 1.32%. SBA Communications’s dividend payout ratio (DPR) is 80.76%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price on SBA Communications from $300.00 to $340.00 in a research report on Wednesday, December 14th. Wolfe Research raised SBA Communications from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, January 24th. Cowen cut their price objective on SBA Communications from $341.00 to $328.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 22nd. Deutsche Bank Aktiengesellschaft cut their price objective on SBA Communications from $325.00 to $320.00 in a research report on Thursday, February 23rd. Finally, StockNews.com initiated coverage on SBA Communications in a research report on Thursday. They issued a “hold” rating on the stock. Four research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $335.40.

About SBA Communications

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SBA Communications Corp. is a real estate investment trust, which engages in the provision of wireless communications infrastructures. It operates through the following business segments: Domestic Site Leasing, International Site Leasing, and Site Development. The Domestic Site Leasing segment includes AT&T, Sprint, T-Mobile, and Verizon Wireless.