Maryland State Retirement & Pension System Cuts Holdings in SBA Communications Corporation $SBAC

Maryland State Retirement & Pension System lowered its position in SBA Communications Corporation (NASDAQ:SBAC) by 4.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 101,398 shares of the technology company’s stock after selling 4,386 shares during the quarter. Maryland State Retirement & Pension System owned 0.10% of SBA Communications worth $17,452,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBAC. Jones Financial Companies Lllp lifted its stake in shares of SBA Communications by 272.8% in the 1st quarter. Jones Financial Companies Lllp now owns 753 shares of the technology company’s stock valued at $166,000 after purchasing an additional 551 shares in the last quarter. Empowered Funds LLC increased its position in SBA Communications by 12.6% during the 1st quarter. Empowered Funds LLC now owns 2,041 shares of the technology company’s stock worth $449,000 after purchasing an additional 229 shares in the last quarter. Focus Partners Wealth increased its position in SBA Communications by 9.0% during the 1st quarter. Focus Partners Wealth now owns 3,236 shares of the technology company’s stock worth $712,000 after purchasing an additional 266 shares in the last quarter. Geneos Wealth Management Inc. increased its position in SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after purchasing an additional 84 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in SBA Communications by 11.3% in the second quarter. First Trust Advisors LP now owns 94,692 shares of the technology company’s stock valued at $22,238,000 after buying an additional 9,617 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Up 0.1%

SBAC opened at $187.25 on Wednesday. The firm’s 50 day moving average is $197.16 and its 200-day moving average is $195.59. SBA Communications Corporation has a 52-week low of $162.41 and a 52-week high of $243.16. The firm has a market capitalization of $19.86 billion, a P/E ratio of 19.71, a P/E/G ratio of 1.87 and a beta of 1.00.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, May 22nd were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Friday, May 22nd. SBA Communications’s dividend payout ratio (DPR) is presently 52.63%.

Analyst Ratings Changes

A number of brokerages have weighed in on SBAC. Truist Financial reaffirmed a “buy” rating and set a $248.00 price target (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. Barclays increased their price objective on shares of SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Weiss Ratings raised shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. KeyCorp lifted their target price on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Finally, The Goldman Sachs Group initiated coverage on shares of SBA Communications in a research report on Friday, June 26th. They set a “neutral” rating and a $205.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.83.

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.