Employees Retirement System of Texas Reduces Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Employees Retirement System of Texas trimmed its position in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 12.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 235,300 shares of the technology company's stock after selling 33,000 shares during the period. Employees Retirement System of Texas owned approximately 0.22% of SBA Communications worth $47,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling

In other news, VP Joshua Koenig sold 2,209 shares of the firm's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the sale, the vice president now directly owns 6,079 shares in the company, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is currently owned by insiders.

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SBA Communications Price Performance

NASDAQ SBAC traded up $6.98 during trading on Friday, reaching $219.18. 1,118,075 shares of the company's stock traded hands, compared to its average volume of 893,377. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $252.64. The firm has a market cap of $23.59 billion, a price-to-earnings ratio of 34.57, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. The company's 50 day simple moving average is $215.23 and its two-hundred day simple moving average is $217.44.

SBA Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were paid a $1.11 dividend. This is an increase 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 yield of 2.03%. SBA Communications's payout ratio is 63.98%.

Analysts Set New Price Targets

SBAC has been the subject of several analyst reports. Wells Fargo & Company raised their target price on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. Citizens Jmp raised shares of SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. BMO Capital Markets reaffirmed a "market perform" rating and set a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. Barclays raised their price target on SBA Communications from $240.00 to $244.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Finally, Morgan Stanley assumed coverage on SBA Communications in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 price objective on the stock. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target 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.