SBA Communications Corporation $SBAC Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its SBA Communications stake by 15,128.8% to 25.95 million shares, representing approximately 24.46% of the company and $4.58 billion in value. Institutional investors collectively own 97.35% of SBAC.
• Analyst sentiment remains mixed, with seven Buy ratings and nine Holds producing a consensus rating of Hold and an average price target of $225.53. Shares recently opened at $186.74, below the consensus target.
• SBA Communications exceeded quarterly expectations, reporting $1.87 in earnings per share and $715.27 million in revenue, while revenue grew 2.3% year over year. The company also announced a quarterly dividend of $1.25 per share, equivalent to a 2.7% yield.

California State Teachers Retirement System lifted its holdings in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 15,128.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,946,855 shares of the technology company's stock after purchasing an additional 25,776,475 shares during the period. California State Teachers Retirement System owned about 24.46% of SBA Communications worth $4,578,582,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. DV Equities LLC bought a new stake in SBA Communications during the fourth quarter worth approximately $29,000. Fulcrum Asset Management LLP bought a new position in shares of SBA Communications in the third quarter valued at $32,000. Raiffeisen Bank International AG increased its holdings in shares of SBA Communications by 184.8% in the second quarter. Raiffeisen Bank International AG now owns 188 shares of the technology company's stock valued at $34,000 after buying an additional 122 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock valued at $36,000 after acquiring an additional 84 shares during the last quarter. Finally, CX Institutional lifted its position in shares of SBA Communications by 44.2% during the 2nd quarter. CX Institutional now owns 212 shares of the technology company's stock valued at $37,000 after acquiring an additional 65 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director George R. Krouse, Jr. sold 300 shares of the company's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $182.67, for a total value of $54,801.00. Following the transaction, the director owned 8,512 shares in the company, valued at $1,554,887.04. This represents a 3.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SBAC. Wells Fargo & Company upgraded SBA Communications from an "equal weight" rating to an "overweight" rating and decreased their target price for the stock from $220.00 to $210.00 in a report on Friday, July 17th. JPMorgan Chase & Co. reduced their target price on SBA Communications from $230.00 to $220.00 and set a "neutral" rating for the company in a report on Tuesday, August 4th. Morgan Stanley decreased their price target on SBA Communications from $225.00 to $215.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 4th. BMO Capital Markets reissued a "market perform" rating on shares of SBA Communications in a research note on Monday, August 24th. Finally, Truist Financial cut their price objective on SBA Communications from $248.00 to $238.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. Seven research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, SBA Communications currently has a consensus rating of "Hold" and a consensus price target of $225.53.

SBA Communications Stock Down 1.0%

Shares of NASDAQ:SBAC opened at $186.74 on Thursday. The company's fifty day moving average is $183.76 and its two-hundred day moving average is $193.89. The company has a market cap of $19.81 billion, a P/E ratio of 20.12, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99. SBA Communications Corporation has a 12-month low of $162.41 and a 12-month high of $224.46.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The technology company reported $1.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.85 by $0.02. The business had revenue of $715.27 million for the quarter, compared to the consensus estimate of $706.01 million. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.51%.SBA Communications's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.17 earnings per share. Equities research analysts anticipate that SBA Communications Corporation will post 11.41 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, August 20th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Thursday, August 20th. SBA Communications's payout ratio is 53.88%.

SBA Communications Profile

SBA Communications Corporation NASDAQ: SBAC is a real estate investment trust that owns and operates wireless communications infrastructure. The company provides the sites and facilities that wireless service providers use to support cellular networks, including traditional macro towers, small cells and distributed antenna systems.

SBA's primary business is leasing space on its communications infrastructure to wireless carriers and other communications companies. It also develops, acquires and manages wireless sites, helping customers expand network coverage and capacity.

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