Kentucky Retirement Systems Insurance Trust Fund Invests $686,000 in SBA Communications Corporation (NASDAQ:SBAC)

Kentucky Retirement Systems Insurance Trust Fund acquired a new position in SBA Communications Corporation (NASDAQ:SBAC) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,120 shares of the technology company’s stock, valued at approximately $686,000.

Other hedge funds have also recently made changes to their positions in the company. Dodge & Cox increased its position in SBA Communications by 352.5% in the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock valued at $1,497,167,000 after buying an additional 5,722,740 shares in the last quarter. Geode Capital Management LLC increased its holdings in SBA Communications by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company’s stock worth $586,827,000 after purchasing an additional 71,023 shares in the last quarter. Deutsche Bank AG increased its holdings in SBA Communications by 5.9% during the 4th quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company’s stock worth $491,549,000 after purchasing an additional 134,624 shares in the last quarter. Cohen & Steers Inc. increased its holdings in SBA Communications by 29.8% during the 4th quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company’s stock worth $383,762,000 after purchasing an additional 432,644 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its holdings in SBA Communications by 8.3% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company’s stock worth $379,290,000 after purchasing an additional 142,054 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

Insider Buying and Selling at SBA Communications

In other news, Director Jack Langer sold 5,000 shares of SBA Communications stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $240.59, for a total value of $1,202,950.00. Following the transaction, the director now owns 10,522 shares in the company, valued at approximately $2,531,487.98. The trade was a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.92% of the company’s stock.

Analyst Ratings Changes

SBAC has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Raymond James Financial reissued a “strong-buy” rating and set a $268.00 price objective (up from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Morgan Stanley initiated coverage on SBA Communications in a report on Tuesday, April 1st. They set an “equal weight” rating and a $240.00 price objective for the company. BMO Capital Markets boosted their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a report on Tuesday, April 29th. Finally, Deutsche Bank Aktiengesellschaft lowered SBA Communications from a “buy” rating to a “hold” rating and set a $247.00 price objective for the company. in a report on Tuesday, May 20th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and an average price target of $253.43.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $236.60 on Wednesday. The firm has a market capitalization of $25.42 billion, a price-to-earnings ratio of 32.46, a P/E/G ratio of 1.94 and a beta of 0.78. SBA Communications Corporation has a 52-week low of $187.06 and a 52-week high of $252.64. The stock has a fifty day moving average of $230.85 and a 200 day moving average of $217.20.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, May 22nd were given a dividend of $1.11 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.44 dividend on an annualized basis and a yield of 1.88%. SBA Communications’s payout ratio is 60.91%.

About SBA Communications

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.