Maryland State Retirement & Pension System Sells 2,238 Shares of SBA Communications Co. (NASDAQ:SBAC)

Maryland State Retirement & Pension System reduced its stake in SBA Communications Co. (NASDAQ:SBAC) by 2.3% in the 4th quarter, HoldingsChannel reports. The firm owned 94,632 shares of the technology company’s stock after selling 2,238 shares during the quarter. Maryland State Retirement & Pension System’s holdings in SBA Communications were worth $19,286,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SBAC. Signaturefd LLC increased its position in shares of SBA Communications by 16.4% during the fourth quarter. Signaturefd LLC now owns 894 shares of the technology company’s stock worth $182,000 after acquiring an additional 126 shares in the last quarter. Cibc World Markets Corp increased its position in shares of SBA Communications by 12.3% during the fourth quarter. Cibc World Markets Corp now owns 48,249 shares of the technology company’s stock worth $9,833,000 after acquiring an additional 5,293 shares in the last quarter. Gitterman Wealth Management LLC increased its position in shares of SBA Communications by 14.1% during the fourth quarter. Gitterman Wealth Management LLC now owns 1,310 shares of the technology company’s stock worth $267,000 after acquiring an additional 162 shares in the last quarter. Ninepoint Partners LP increased its position in shares of SBA Communications by 21.0% during the fourth quarter. Ninepoint Partners LP now owns 6,508 shares of the technology company’s stock worth $1,326,000 after acquiring an additional 1,128 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its position in shares of SBA Communications by 36.3% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 5,731 shares of the technology company’s stock worth $1,168,000 after acquiring an additional 1,527 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SBAC shares. JMP Securities began coverage on shares of SBA Communications in a research report on Monday, January 27th. They set an “outperform” rating and a $250.00 target price for the company. Barclays cut their price target on shares of SBA Communications from $254.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, February 20th. Wells Fargo & Company boosted their price target 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 upgraded shares of SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. Finally, BMO Capital Markets restated a “market perform” rating and set a $230.00 price target (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $252.54.

SBA Communications Stock Up 1.0 %

SBAC opened at $223.15 on Wednesday. The stock has a market cap of $24.01 billion, a price-to-earnings ratio of 35.20, a PEG ratio of 0.74 and a beta of 0.74. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $252.64. The company’s 50-day moving average price is $208.18 and its two-hundred day moving average price is $220.21.

SBA Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be paid a dividend of $1.11 per share. This is a boost from SBA Communications’s previous quarterly dividend of $0.98. This represents a $4.44 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date is Thursday, March 13th. SBA Communications’s dividend payout ratio is presently 63.98%.

Insider Activity at SBA Communications

In related news, EVP Donald Day sold 2,321 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $203.43, for a total transaction of $472,161.03. Following the sale, the executive vice president now directly owns 4,998 shares in the company, valued at approximately $1,016,743.14. This represents a 31.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Joshua Koenig sold 2,209 shares of the company’s stock in a transaction that occurred 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 $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

SBA Communications 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.