California Public Employees Retirement System Lowers Stake in SBA Communications Corporation $SBAC

Key Points

• CalPERS reduced its stake in SBA Communications by 11.2% in the first quarter, selling 30,797 shares and leaving it with 244,782 shares valued at about $42.1 million.
• Institutional ownership remains very high, with 97.35% of SBA Communications’ stock held by institutional investors and hedge funds; several firms, including Dodge & Cox and State Street, increased their positions recently.
• Analyst sentiment is mixed but constructive, with a consensus rating of “Moderate Buy” and an average price target of $235.28, though some firms have recently trimmed targets amid the stock trading below its 50-day and 200-day moving averages.

California Public Employees Retirement System cut its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 11.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 244,782 shares of the technology company's stock after selling 30,797 shares during the period. California Public Employees Retirement System owned approximately 0.23% of SBA Communications worth $42,129,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of SBAC. Dodge & Cox raised its holdings in SBA Communications by 24.1% in the 4th quarter. Dodge & Cox now owns 11,996,134 shares of the technology company's stock worth $2,320,412,000 after purchasing an additional 2,328,837 shares during the period. State Street Corp grew its holdings in SBA Communications by 3.3% in the fourth quarter. State Street Corp now owns 4,911,615 shares of the technology company's stock valued at $950,054,000 after purchasing an additional 158,738 shares during the period. Geode Capital Management LLC grew its holdings in SBA Communications by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company's stock valued at $594,655,000 after purchasing an additional 16,153 shares during the period. Diamond Hill Capital Management Inc. increased its position in shares of SBA Communications by 9.7% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company's stock valued at $393,615,000 after buying an additional 179,591 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of SBA Communications by 0.5% in the fourth quarter. Invesco Ltd. now owns 1,815,032 shares of the technology company's stock valued at $351,082,000 after buying an additional 9,656 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $181.97 on Tuesday. The stock has a market capitalization of $19.30 billion, a P/E ratio of 19.15, a PEG ratio of 1.85 and a beta of 1.00. The business has a 50 day simple moving average of $194.51 and a two-hundred day simple moving average of $195.35. SBA Communications Corporation has a 12 month low of $162.41 and a 12 month high of $243.16.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 22nd were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Friday, May 22nd. SBA Communications's dividend payout ratio is currently 52.63%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SBAC shares. Royal Bank Of Canada decreased their target price on SBA Communications from $245.00 to $210.00 and set an "outperform" rating on the stock in a research report on Friday, July 10th. Weiss Ratings raised shares of SBA Communications from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, April 22nd. The Goldman Sachs Group started coverage on shares of SBA Communications in a report on Friday, June 26th. They issued a "neutral" rating and a $205.00 price target for the company. Barclays increased their price objective on shares of SBA Communications from $244.00 to $245.00 and gave the company an "overweight" rating in a report on Tuesday, May 5th. Finally, Truist Financial reiterated a "buy" rating and issued a $248.00 target price (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $235.28.

About SBA Communications

SBA Communications Corporation NASDAQ: SBAC is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.

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