Kentucky Retirement Systems Insurance Trust Fund Reduces Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Kentucky Retirement Systems Insurance Trust Fund cut its stake in SBA Communications Co. (NASDAQ:SBAC) by 7.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,560 shares of the technology company’s stock after selling 284 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in SBA Communications were worth $771,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SBAC. Raymond James & Associates boosted its position in SBA Communications by 7.2% during the fourth quarter. Raymond James & Associates now owns 96,708 shares of the technology company’s stock worth $24,534,000 after acquiring an additional 6,520 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in SBA Communications by 9.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 14,248 shares of the technology company’s stock worth $3,615,000 after acquiring an additional 1,221 shares during the last quarter. Blue Trust Inc. boosted its position in SBA Communications by 6.0% during the fourth quarter. Blue Trust Inc. now owns 1,391 shares of the technology company’s stock worth $353,000 after acquiring an additional 79 shares during the last quarter. Independence Bank of Kentucky boosted its position in SBA Communications by 96.3% during the fourth quarter. Independence Bank of Kentucky now owns 265 shares of the technology company’s stock worth $67,000 after acquiring an additional 130 shares during the last quarter. Finally, UMB Bank n.a. boosted its position in SBA Communications by 12.0% during the fourth quarter. UMB Bank n.a. now owns 674 shares of the technology company’s stock worth $171,000 after acquiring an additional 72 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

SBA Communications stock traded up $3.64 during trading on Friday, reaching $214.71. 911,889 shares of the company’s stock were exchanged, compared to its average volume of 824,789. The company’s 50-day moving average is $197.54 and its two-hundred day moving average is $207.31. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $258.76. The firm has a market cap of $23.07 billion, a price-to-earnings ratio of 42.10, a PEG ratio of 0.69 and a beta of 0.65.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The firm had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same quarter in the previous year, the business posted $3.13 EPS. The firm’s revenue was down 2.6% compared to the same quarter last year. Analysts anticipate that SBA Communications Co. will post 12.51 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd were issued a $0.98 dividend. The ex-dividend date was Wednesday, May 22nd. This represents a $3.92 dividend on an annualized basis and a yield of 1.83%. SBA Communications’s dividend payout ratio is currently 76.86%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wells Fargo & Company cut shares of SBA Communications from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $230.00 to $220.00 in a research note on Monday, July 15th. Barclays lowered their price objective on shares of SBA Communications from $241.00 to $240.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Royal Bank of Canada lowered their price objective on shares of SBA Communications from $250.00 to $235.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Citigroup lowered their price objective on shares of SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Finally, TD Cowen lowered their price objective on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, SBA Communications has a consensus rating of “Moderate Buy” and an average price target of $248.31.

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.