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

New York State Teachers Retirement System cut its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 4.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 106,448 shares of the technology company's stock after selling 5,195 shares during the period. New York State Teachers Retirement System owned approximately 0.10% of SBA Communications worth $23,420,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Farther Finance Advisors LLC boosted its holdings in shares of SBA Communications by 22.0% during the 1st quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock valued at $55,000 after acquiring an additional 45 shares during the last quarter. Central Pacific Bank Trust Division lifted its position in SBA Communications by 2.3% during the first quarter. Central Pacific Bank Trust Division now owns 2,250 shares of the technology company's stock valued at $495,000 after purchasing an additional 50 shares during the period. DoubleLine ETF Adviser LP lifted its position in SBA Communications by 0.7% during the fourth quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company's stock valued at $1,577,000 after purchasing an additional 57 shares during the period. Oakworth Capital Inc. boosted its holdings in SBA Communications by 25.8% in the first quarter. Oakworth Capital Inc. now owns 293 shares of the technology company's stock worth $64,000 after purchasing an additional 60 shares during the last quarter. Finally, Orion Portfolio Solutions LLC grew its position in SBA Communications by 1.3% in the 4th quarter. Orion Portfolio Solutions LLC now owns 4,962 shares of the technology company's stock worth $1,011,000 after purchasing an additional 64 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SBAC shares. Citigroup increased their price target on SBA Communications from $250.00 to $265.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Morgan Stanley began coverage on SBA Communications in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $240.00 price objective for the company. Raymond James Financial reissued a "strong-buy" rating and issued a $268.00 target price (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Deutsche Bank Aktiengesellschaft downgraded shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective on the stock. in a report on Tuesday, May 20th. Finally, Barclays boosted their price target on SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a report on Tuesday, April 29th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $253.43.

SBA Communications Price Performance

Shares of NASDAQ SBAC traded down $2.68 during mid-day trading on Thursday, reaching $234.91. The company's stock had a trading volume of 222,439 shares, compared to its average volume of 877,406. The stock has a fifty day moving average of $231.67 and a two-hundred day moving average of $217.90. The firm has a market capitalization of $25.24 billion, a PE ratio of 32.17, a P/E/G ratio of 1.97 and a beta of 0.78. SBA Communications Corporation has a 52 week low of $189.07 and a 52 week high of $252.64.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd were issued a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 1.89%. The ex-dividend date was Thursday, May 22nd. SBA Communications's dividend payout ratio (DPR) is presently 60.91%.

Insider Activity at SBA Communications

In other news, Director Jack Langer sold 5,000 shares of SBA Communications stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $240.59, for a total value of $1,202,950.00. Following the sale, the director directly owned 10,522 shares of the company's stock, valued at approximately $2,531,487.98. The trade was a 32.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.92% of the stock is owned by company insiders.

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.