Employees Retirement System of Texas Cuts Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Employees Retirement System of Texas decreased its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 12.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 235,300 shares of the technology company's stock after selling 33,000 shares during the quarter. Employees Retirement System of Texas owned approximately 0.22% of SBA Communications worth $47,954,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Dodge & Cox boosted its holdings in SBA Communications by 352.5% in the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock worth $1,497,167,000 after buying an additional 5,722,740 shares during the last quarter. Norges Bank purchased a new position in shares of SBA Communications in the fourth quarter valued at approximately $268,287,000. Wealthfront Advisers LLC boosted its stake in shares of SBA Communications by 23,553.0% in the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company's stock worth $229,648,000 after acquiring an additional 1,122,064 shares during the last quarter. BROOKFIELD Corp ON increased its position in shares of SBA Communications by 27,449.9% during the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock worth $202,016,000 after purchasing an additional 987,647 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of SBA Communications by 16.6% during the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock worth $1,024,049,000 after purchasing an additional 605,872 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company's stock.

SBA Communications Price Performance

SBAC traded up $0.73 during trading hours on Friday, reaching $230.97. The company's stock had a trading volume of 1,256,458 shares, compared to its average volume of 896,334. The stock has a market cap of $24.82 billion, a PE ratio of 36.43, a P/E/G ratio of 0.74 and a beta of 0.83. SBA Communications Co. has a fifty-two week low of $187.06 and a fifty-two week high of $252.64. The business's 50-day moving average is $226.89 and its 200-day moving average is $216.46.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd will be given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Thursday, May 22nd. SBA Communications's dividend payout ratio is presently 60.91%.

Insider Transactions at SBA Communications

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the transaction, the vice president now directly owns 6,079 shares of the company's stock, valued at $1,362,790.22. The trade was a 26.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jack Langer sold 5,000 shares of the business's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the sale, the director now owns 10,522 shares in the company, valued at $2,531,487.98. This trade represents a 32.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.92% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Barclays raised their price objective on SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a report on Tuesday, April 29th. Citigroup raised their price target on shares of SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Bank of America started coverage on shares of SBA Communications in a research report on Monday, May 19th. They set a "buy" rating and a $260.00 price target on the stock. BMO Capital Markets increased their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a report on Tuesday, April 29th. Finally, Raymond James reissued a "strong-buy" rating and issued a $268.00 target price (up from $265.00) on shares of SBA Communications in a research note on Tuesday, April 29th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, SBA Communications currently has a consensus rating of "Moderate Buy" and a consensus price target of $253.43.

About SBA Communications

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.