SBA Communications Co. (NASDAQ:SBAC) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System trimmed its stake in SBA Communications Co. (NASDAQ:SBAC - Free Report) by 0.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 410,984 shares of the technology company's stock after selling 3,163 shares during the period. California Public Employees Retirement System owned 0.38% of SBA Communications worth $83,759,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Evermay Wealth Management LLC acquired a new stake in SBA Communications in the fourth quarter valued at approximately $27,000. Graney & King LLC acquired a new stake in shares of SBA Communications in the 4th quarter worth $29,000. Oakworth Capital Inc. grew its stake in SBA Communications by 161.8% during the 4th quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock worth $47,000 after buying an additional 144 shares during the last quarter. CKW Financial Group acquired a new position in SBA Communications during the 4th quarter valued at about $56,000. Finally, Versant Capital Management Inc raised its stake in SBA Communications by 17.3% in the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company's stock valued at $73,000 after buying an additional 53 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

SBA Communications stock traded down $10.96 during midday trading on Friday, hitting $219.91. 2,220,135 shares of the company were exchanged, compared to its average volume of 876,984. The business has a fifty day simple moving average of $213.48 and a two-hundred day simple moving average of $218.63. The firm has a market capitalization of $23.67 billion, a PE ratio of 34.69, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $252.64.

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SBA Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were paid a dividend of $1.11 per share. This is a boost from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date was Thursday, March 13th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.02%. SBA Communications's dividend payout ratio (DPR) is presently 63.98%.

Insider Activity

In related news, VP Joshua Koenig sold 2,209 shares of the firm's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the sale, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SBAC. Royal Bank of Canada restated an "outperform" rating and set a $255.00 price target on shares of SBA Communications in a research note on Monday, February 24th. Wells Fargo & Company boosted their target price on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 26th. JMP Securities started coverage on shares of SBA Communications in a report on Monday, January 27th. They issued an "outperform" rating and a $250.00 price target for the company. Citizens Jmp raised shares of SBA Communications to a "strong-buy" rating in a report on Monday, January 27th. Finally, StockNews.com lowered SBA Communications from a "buy" rating to a "hold" rating in a research note on Wednesday. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $251.92.

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.