California State Teachers Retirement System Raises Holdings in SBA Communications Co. (NASDAQ:SBAC)

California State Teachers Retirement System raised its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 0.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 174,818 shares of the technology company's stock after purchasing an additional 1,505 shares during the period. California State Teachers Retirement System owned approximately 0.16% of SBA Communications worth $35,628,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Evermay Wealth Management LLC acquired a new stake in shares of SBA Communications during the 4th quarter worth approximately $27,000. Graney & King LLC bought a new position in SBA Communications in the fourth quarter valued at approximately $29,000. Oakworth Capital Inc. lifted its stake in SBA Communications by 161.8% in the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock valued at $47,000 after buying an additional 144 shares in the last quarter. State of Wyoming lifted its position in shares of SBA Communications by 75.8% in the fourth quarter. State of Wyoming now owns 276 shares of the technology company's stock worth $56,000 after purchasing an additional 119 shares in the last quarter. Finally, Sherman Asset Management Inc. bought a new stake in shares of SBA Communications in the fourth quarter worth $73,000. 97.35% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

SBAC has been the topic of several analyst reports. Citigroup upped their price target on shares of SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Morgan Stanley initiated coverage on shares of SBA Communications in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 price target on the stock. Deutsche Bank Aktiengesellschaft cut shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective for the company. in a research report on Tuesday, May 20th. JMP Securities upped their price objective on shares of SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a research report on Tuesday, April 29th. Finally, Bank of America began coverage on shares of SBA Communications in a research note on Monday, May 19th. They issued a "buy" rating and a $260.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $253.43.

SBA Communications Stock Up 0.3%

Shares of NASDAQ:SBAC traded up $0.73 on Friday, hitting $230.97. 1,256,458 shares of the company traded hands, compared to its average volume of 896,334. SBA Communications Co. has a 52 week low of $187.06 and a 52 week high of $252.64. The stock has a 50 day simple moving average of $226.89 and a 200-day simple moving average of $216.46. The company has a market cap of $24.82 billion, a PE ratio of 36.43, a PEG ratio of 0.74 and a beta of 0.83.

SBA Communications Announces Dividend

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

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.