Maryland State Retirement & Pension System Has $21.17 Million Stake in SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Maryland State Retirement & Pension System increased its holdings in SBA Communications by 1.7%, acquiring an additional 1,571 shares, bringing its total ownership to 96,203 shares valued at approximately $21.17 million.
• SBA Communications reported $3.17 earnings per share for the quarter, exceeding analyst estimates of $3.10, with revenue of $698.98 million which is a 5.8% year-over-year increase.
• The company has declared a quarterly dividend of $1.11 per share, which will be paid to shareholders, representing an annualized yield of 2.0% and a payout ratio of 60.91%.

Maryland State Retirement & Pension System boosted its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,203 shares of the technology company's stock after buying an additional 1,571 shares during the quarter. Maryland State Retirement & Pension System owned approximately 0.09% of SBA Communications worth $21,166,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Independence Bank of Kentucky bought a new stake in shares of SBA Communications during the first quarter worth $28,000. Allworth Financial LP raised its position in shares of SBA Communications by 62.0% during the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after acquiring an additional 62 shares during the last quarter. NBC Securities Inc. increased its holdings in SBA Communications by 1,575.0% in the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock valued at $44,000 after purchasing an additional 189 shares during the last quarter. Wayfinding Financial LLC bought a new stake in SBA Communications in the first quarter valued at about $51,000. Finally, Farther Finance Advisors LLC increased its holdings in SBA Communications by 22.0% in the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock valued at $55,000 after purchasing an additional 45 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company's stock.

Analysts Set New Price Targets

SBAC has been the subject of a number of recent analyst reports. Barclays upped their price objective on SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Wall Street Zen downgraded SBA Communications from a "buy" rating to a "hold" rating in a report on Friday, April 18th. 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 report on Tuesday, April 29th. Citigroup reiterated an "outperform" rating on shares of SBA Communications in a report on Tuesday, August 5th. Finally, JMP Securities set a $280.00 price objective on SBA Communications and gave the company a "market outperform" rating in a report on Tuesday, August 5th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given 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 target price of $258.25.

SBA Communications Stock Performance

NASDAQ SBAC traded down $2.29 during trading hours on Friday, hitting $220.85. 569,133 shares of the company traded hands, compared to its average volume of 829,142. The business's 50-day moving average is $230.50 and its 200-day moving average is $223.47. SBA Communications Corporation has a twelve month low of $192.55 and a twelve month high of $252.64. The stock has a market capitalization of $23.73 billion, a price-to-earnings ratio of 28.06, a P/E/G ratio of 2.03 and a beta of 0.77.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 EPS for the quarter, beating the consensus estimate of $3.10 by $0.07. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%. The firm had revenue of $698.98 million during the quarter, compared to analysts' expectations of $670.73 million. During the same period in the prior year, the firm posted $3.29 earnings per share. The business's quarterly revenue was up 5.8% compared to the same quarter last year. Analysts predict that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 21st will be given a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is presently 56.42%.

SBA Communications Company 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.