Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $46.07 Million Stock Holdings in SBA Communications Corporation $SBAC

Key Points

• Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in SBA Communications by 5.7% in the first quarter, ending with 267,659 shares valued at about $46.1 million.
• Institutional ownership remains extremely high, with 97.35% of SBA Communications shares held by institutional investors and hedge funds. Several other funds also added to positions, including Aberdeen Group and M&T Bank Corp.
• Analysts have been broadly positive on the stock: the consensus rating is Moderate Buy with an average price target of $235.83, while SBA Communications also recently paid a quarterly dividend of $1.25 per share.

Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 5.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 267,659 shares of the technology company's stock after acquiring an additional 14,317 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned 0.25% of SBA Communications worth $46,067,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Aberdeen Group plc lifted its position in shares of SBA Communications by 12.4% during the 4th quarter. Aberdeen Group plc now owns 202,452 shares of the technology company's stock worth $39,160,000 after buying an additional 22,293 shares during the last quarter. OFI Invest Asset Management bought a new position in SBA Communications in the fourth quarter valued at about $17,915,000. Nordea Investment Management AB raised its stake in SBA Communications by 5.4% during the fourth quarter. Nordea Investment Management AB now owns 1,245,399 shares of the technology company's stock worth $241,234,000 after acquiring an additional 63,323 shares in the last quarter. VCI Wealth Management LLC bought a new position in shares of SBA Communications in the fourth quarter worth about $1,786,000. Finally, M&T Bank Corp boosted its stake in shares of SBA Communications by 8,722.0% in the 4th quarter. M&T Bank Corp now owns 263,601 shares of the technology company's stock valued at $50,988,000 after purchasing an additional 260,613 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. 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 research note on Tuesday, May 5th. Scotiabank upped their price target on shares of SBA Communications from $223.00 to $230.00 and gave the stock a "sector perform" rating in a report on Friday, May 1st. Morgan Stanley increased their price target on SBA Communications from $215.00 to $225.00 and gave the company an "equal weight" rating in a research note on Thursday, April 9th. Wells Fargo & Company raised their price objective on SBA Communications from $195.00 to $220.00 and gave the company an "equal weight" rating in a report on Tuesday, April 7th. Finally, KeyCorp upped their target price on SBA Communications from $235.00 to $250.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $235.83.

SBA Communications Stock Up 4.1%

NASDAQ SBAC traded up $7.55 on Friday, hitting $190.03. The company's stock had a trading volume of 1,443,799 shares, compared to its average volume of 1,034,810. The company's 50-day moving average is $198.45 and its 200 day moving average is $195.62. The firm has a market cap of $20.15 billion, a PE ratio of 20.00, a PEG ratio of 1.90 and a beta of 1.00. SBA Communications Corporation has a 1-year low of $162.41 and a 1-year high of $243.16.

SBA Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 22nd were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, May 22nd. SBA Communications's dividend payout ratio is presently 52.63%.

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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