Retirement Systems of Alabama Trims Position in SBA Communications Co. (NASDAQ:SBAC)

Retirement Systems of Alabama lowered its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 3.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 86,384 shares of the technology company’s stock after selling 3,153 shares during the quarter. Retirement Systems of Alabama’s holdings in SBA Communications were worth $16,957,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. abrdn plc increased its holdings in shares of SBA Communications by 43.1% in the fourth quarter. abrdn plc now owns 66,781 shares of the technology company’s stock valued at $16,942,000 after purchasing an additional 20,098 shares during the period. Signaturefd LLC raised its position in SBA Communications by 47.9% during the 4th quarter. Signaturefd LLC now owns 1,124 shares of the technology company’s stock worth $285,000 after buying an additional 364 shares during the last quarter. CWM LLC lifted its stake in shares of SBA Communications by 54.6% in the 4th quarter. CWM LLC now owns 1,622 shares of the technology company’s stock worth $411,000 after acquiring an additional 573 shares during the period. Jennison Associates LLC purchased a new stake in shares of SBA Communications in the fourth quarter valued at about $983,000. Finally, GAMMA Investing LLC acquired a new position in shares of SBA Communications during the fourth quarter worth about $169,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

Insider Buying and Selling

In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the transaction, the chairman now directly owns 109,583 shares in the company, valued at approximately $24,328,521.83. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director George R. Krouse, Jr. sold 325 shares of SBA Communications stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the sale, the director now owns 8,084 shares of the company’s stock, valued at $1,775,084.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total value of $11,048,327.65. Following the transaction, the chairman now owns 109,583 shares in the company, valued at $24,328,521.83. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

SBA Communications Trading Up 4.1 %

Shares of SBAC opened at $227.28 on Friday. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $258.76. The stock has a market cap of $24.42 billion, a P/E ratio of 44.56, a PEG ratio of 0.67 and a beta of 0.65. The company has a 50-day moving average of $207.78 and a two-hundred day moving average of $205.70.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The business had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.21 million. During the same period last year, the business earned $3.24 earnings per share. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. As a group, analysts forecast that SBA Communications Co. will post 12.53 EPS for the current fiscal year.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd will be given a $0.98 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $3.92 annualized dividend and a dividend yield of 1.72%. SBA Communications’s dividend payout ratio is currently 76.86%.

Analyst Ratings Changes

SBAC has been the subject of a number of recent analyst reports. KeyCorp raised their price objective on shares of SBA Communications from $227.00 to $230.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. StockNews.com downgraded SBA Communications from a “buy” rating to a “hold” rating in a research note on Friday. TD Cowen cut their price objective on SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. BMO Capital Markets reduced their target price on SBA Communications from $250.00 to $245.00 and set an “outperform” rating for the company in a report on Tuesday, July 30th. Finally, Barclays lowered their price target on shares of SBA Communications from $240.00 to $236.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $237.92.

SBA Communications Company 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.