SBA Communications Corporation (NASDAQ:SBAC) Shares Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas grew its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 1,462.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 15,719 shares of the technology company's stock after acquiring an additional 14,713 shares during the quarter. Teacher Retirement System of Texas' holdings in SBA Communications were worth $3,458,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Farther Finance Advisors LLC lifted its position in SBA Communications by 22.0% in the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after buying an additional 45 shares during the last quarter. Central Pacific Bank Trust Division lifted its position in SBA Communications by 2.3% in the first quarter. Central Pacific Bank Trust Division now owns 2,250 shares of the technology company's stock worth $495,000 after buying an additional 50 shares during the last quarter. DoubleLine ETF Adviser LP lifted its position in SBA Communications by 0.7% in the fourth quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company's stock worth $1,577,000 after buying an additional 57 shares during the last quarter. Oakworth Capital Inc. lifted its position 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 buying an additional 60 shares during the last quarter. Finally, Clear Creek Financial Management LLC lifted its position in SBA Communications by 6.0% in the first quarter. Clear Creek Financial Management LLC now owns 1,100 shares of the technology company's stock worth $242,000 after buying an additional 62 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Performance

SBAC traded down $3.99 on Friday, hitting $228.80. The company had a trading volume of 678,942 shares, compared to its average volume of 875,163. The stock has a fifty day moving average price of $231.69 and a 200-day moving average price of $219.31. SBA Communications Corporation has a 12-month low of $192.55 and a 12-month high of $252.64. The stock has a market capitalization of $24.58 billion, a price-to-earnings ratio of 31.39, a P/E/G ratio of 1.89 and a beta of 0.78.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd were issued a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend was Thursday, May 22nd. SBA Communications's dividend payout ratio is presently 60.91%.

Insiders Place Their Bets

In other SBA Communications news, Director Jack Langer sold 5,000 shares of the firm's 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 completion of the sale, the director owned 10,522 shares of the company's stock, valued at approximately $2,531,487.98. This trade represents a 32.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.92% of the company's stock.

Wall Street Analysts Forecast Growth

SBAC has been the subject of a number of analyst reports. Barclays raised their price target on SBA Communications from $244.00 to $247.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 29th. Bank of America initiated coverage on SBA Communications in a research report on Monday, May 19th. They set a "buy" rating and a $260.00 target price for the company. UBS Group lifted their target price on SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research report on Tuesday. Citigroup lifted their target price on SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Finally, Wall Street Zen downgraded SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, SBA Communications presently has an average rating of "Moderate Buy" and an average target price of $255.53.

SBA Communications Profile

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.