New York State Teachers Retirement System Sells 5,195 Shares of SBA Communications Corporation (NASDAQ:SBAC)

New York State Teachers Retirement System lowered its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 4.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 106,448 shares of the technology company's stock after selling 5,195 shares during the quarter. New York State Teachers Retirement System owned 0.10% of SBA Communications worth $23,420,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of SBAC. QRG Capital Management Inc. increased its position in shares of SBA Communications by 1.8% during the 4th quarter. QRG Capital Management Inc. now owns 6,775 shares of the technology company's stock valued at $1,381,000 after purchasing an additional 120 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of SBA Communications by 67.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 395 shares of the technology company's stock valued at $80,000 after purchasing an additional 159 shares during the last quarter. SRS Capital Advisors Inc. grew its position in SBA Communications by 190.2% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,709 shares of the technology company's stock valued at $348,000 after acquiring an additional 1,120 shares during the last quarter. Modera Wealth Management LLC grew its position in SBA Communications by 23.6% in the 4th quarter. Modera Wealth Management LLC now owns 4,541 shares of the technology company's stock valued at $926,000 after acquiring an additional 867 shares during the last quarter. Finally, Reaves W H & Co. Inc. grew its position in SBA Communications by 11.1% in the 4th quarter. Reaves W H & Co. Inc. now owns 432,617 shares of the technology company's stock valued at $88,167,000 after acquiring an additional 43,371 shares during the last quarter. Institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on SBAC. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a research report on Tuesday, April 29th. BMO Capital Markets upped their price objective on SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research report on Tuesday, April 29th. Bank of America began coverage on SBA Communications in a research report on Monday, May 19th. They issued a "buy" rating and a $260.00 price objective on the stock. Wall Street Zen downgraded SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Finally, JMP Securities upped their price objective on SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a research report on Tuesday, April 29th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $253.43.

SBA Communications Trading Down 1.1%

Shares of SBAC traded down $2.52 during midday trading on Friday, reaching $235.08. 524,755 shares of the stock were exchanged, compared to its average volume of 880,987. SBA Communications Corporation has a 52 week low of $190.91 and a 52 week high of $252.64. The company's 50 day moving average is $232.17 and its two-hundred day moving average is $218.36. The company has a market capitalization of $25.26 billion, a P/E ratio of 32.25, a PEG ratio of 1.93 and a beta of 0.78.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd were given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Thursday, May 22nd. SBA Communications's payout ratio is 60.91%.

Insider Activity

In other news, Director Jack Langer sold 5,000 shares of the stock in a transaction on 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 transaction, the director owned 10,522 shares of the company's stock, valued at approximately $2,531,487.98. This represents a 32.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.92% of the company's stock.

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.