Teacher Retirement System of Texas Purchases 6,581 Shares of SBA Communications Corporation $SBAC

Key Points

• Teacher Retirement System of Texas raised its stake in SBA Communications by 46.8%, buying 6,581 shares to hold 20,657 shares valued at $3,996,000 at the end of the quarter.
• Institutional ownership is very high at 97.35%, with other large investors (Nordea, Aberdeen, OFI, VCI) also adding to or initiating sizable positions during the quarter.
• SBA reported Q4 EPS of $3.47 (beat by $0.22) with revenue up 3.7% but slightly below estimates, raised its quarterly dividend to $1.25 (annual $5.00, 2.3% yield), and holds a consensus analyst rating of "Moderate Buy" with an average price target of $236.47.

Teacher Retirement System of Texas raised its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 46.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,657 shares of the technology company's stock after buying an additional 6,581 shares during the period. Teacher Retirement System of Texas' holdings in SBA Communications were worth $3,996,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Aberdeen Group plc grew its stake in shares of SBA Communications by 12.4% in the fourth quarter. Aberdeen Group plc now owns 202,452 shares of the technology company's stock worth $39,160,000 after purchasing an additional 22,293 shares during the last quarter. Nordea Investment Management AB increased its holdings in SBA Communications by 5.4% during the 4th quarter. Nordea Investment Management AB now owns 1,245,399 shares of the technology company's stock valued at $241,234,000 after purchasing an additional 63,323 shares during the period. OFI Invest Asset Management bought a new position in SBA Communications during the 4th quarter valued at approximately $17,915,000. VCI Wealth Management LLC purchased a new stake in SBA Communications in the 4th quarter worth approximately $1,786,000. Finally, ProShare Advisors LLC lifted its holdings in SBA Communications by 27.5% in the 3rd quarter. ProShare Advisors LLC now owns 38,988 shares of the technology company's stock worth $7,538,000 after buying an additional 8,404 shares during the period. Institutional investors own 97.35% of the company's stock.

SBA Communications Stock Performance

SBAC stock opened at $215.00 on Tuesday. SBA Communications Corporation has a fifty-two week low of $162.41 and a fifty-two week high of $245.16. The company has a market capitalization of $22.74 billion, a price-to-earnings ratio of 22.56, a price-to-earnings-growth ratio of 2.18 and a beta of 0.88. The business's 50 day moving average price is $197.50 and its two-hundred day moving average price is $193.66.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its earnings results on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, beating analysts' consensus estimates of $3.25 by $0.22. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The company had revenue of $719.58 million during the quarter, compared to analysts' expectations of $725.80 million. During the same quarter last year, the business posted $3.47 EPS. The firm's revenue for the quarter was up 3.7% compared to the same quarter last year. Sell-side analysts forecast that SBA Communications Corporation will post 11.49 earnings per share for the current year.

SBA Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were issued a dividend of $1.25 per share. This is a boost from SBA Communications's previous quarterly dividend of $1.11. The ex-dividend date was Friday, March 13th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.3%. SBA Communications's dividend payout ratio (DPR) is presently 52.47%.

Analyst Ratings Changes

Several research firms have recently issued reports on SBAC. Weiss Ratings raised SBA Communications from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, April 22nd. Barclays raised their price target on SBA Communications from $212.00 to $244.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. JPMorgan Chase & Co. cut their price target on shares of SBA Communications from $245.00 to $240.00 and set a "neutral" rating on the stock in a report on Monday, January 12th. UBS Group reduced their price objective on shares of SBA Communications from $275.00 to $260.00 and set a "buy" rating on the stock in a research report on Tuesday, January 20th. Finally, Sanford C. Bernstein started coverage on shares of SBA Communications in a report on Thursday, March 5th. They issued a "market perform" rating and a $218.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, SBA Communications presently has an average rating of "Moderate Buy" and an average price target of $236.47.

SBA Communications Profile

SBA Communications Corporation NASDAQ: SBAC is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.

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