Arizona State Retirement System Has $7.56 Million Holdings in SBA Communications Co. (NASDAQ:SBAC)

Arizona State Retirement System cut its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 2.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,788 shares of the technology company’s stock after selling 878 shares during the quarter. Arizona State Retirement System’s holdings in SBA Communications were worth $7,557,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Carolinas Wealth Consulting LLC grew its position in shares of SBA Communications by 248.0% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 87 shares of the technology company’s stock worth $30,000 after purchasing an additional 62 shares in the last quarter. Emerald Advisers LLC acquired a new position in shares of SBA Communications during the 3rd quarter worth approximately $31,000. Resurgent Financial Advisors LLC acquired a new position in shares of SBA Communications during the 4th quarter worth approximately $31,000. CVA Family Office LLC acquired a new position in shares of SBA Communications during the 4th quarter worth approximately $37,000. Finally, Ancora Advisors LLC grew its position in shares of SBA Communications by 88.6% during the 1st quarter. Ancora Advisors LLC now owns 132 shares of the technology company’s stock worth $37,000 after purchasing an additional 62 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

SBA Communications Stock Down 0.2 %

SBAC stock opened at $213.40 on Friday. The firm has a market cap of $23.07 billion, a price-to-earnings ratio of 46.29, a PEG ratio of 1.31 and a beta of 0.56. SBA Communications Co. has a 12-month low of $185.23 and a 12-month high of $267.42. The company’s fifty day simple moving average is $215.11 and its 200 day simple moving average is $222.38.

SBA Communications (NASDAQ:SBAC) last released 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 firm had revenue of $675.00 million during the quarter, compared to analyst estimates of $682.11 million. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. SBA Communications’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.11 EPS. Research analysts expect that SBA Communications Co. will post 12.59 earnings per share for the current year.

SBA Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a $0.98 dividend. This is an increase from SBA Communications’s previous quarterly dividend of $0.85. This represents a $3.92 annualized dividend and a yield of 1.84%. The ex-dividend date was Wednesday, March 13th. SBA Communications’s payout ratio is 85.03%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Barclays decreased their target price on shares of SBA Communications from $265.00 to $260.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 5th. Bank of America raised shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price objective on the stock in a research note on Thursday, March 7th. Finally, BMO Capital Markets decreased their price objective on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 27th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $268.38.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of SBA Communications stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value 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 $1,007,549.78. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.60% of the company’s stock.

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.