Texas Permanent School Fund Corp Sells 3,931 Shares of SBA Communications Corporation $SBAC

Texas Permanent School Fund Corp lessened its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 34.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,568 shares of the technology company’s stock after selling 3,931 shares during the period. Texas Permanent School Fund Corp’s holdings in SBA Communications were worth $1,777,000 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 the stock. Valeo Financial Advisors LLC bought a new position in shares of SBA Communications during the second quarter worth approximately $217,000. Osaic Holdings Inc. increased its position in SBA Communications by 7.0% during the 2nd quarter. Osaic Holdings Inc. now owns 14,076 shares of the technology company’s stock worth $3,304,000 after buying an additional 915 shares during the period. Orion Porfolio Solutions LLC increased its position in SBA Communications by 26.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 5,692 shares of the technology company’s stock worth $1,337,000 after buying an additional 1,206 shares during the period. Munro Partners acquired a new stake in shares of SBA Communications during the second quarter worth $2,185,000. Finally, Marex Group plc bought a new stake in shares of SBA Communications in the second quarter valued at about $1,689,000. 97.35% of the stock is owned by institutional investors.

SBA Communications Trading Up 0.3%

Shares of SBA Communications stock opened at $190.63 on Tuesday. The company has a market cap of $20.31 billion, a PE ratio of 24.85, a price-to-earnings-growth ratio of 1.65 and a beta of 0.87. The company has a 50 day moving average of $193.91 and a 200-day moving average of $208.45. SBA Communications Corporation has a 1-year low of $185.13 and a 1-year high of $245.16.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, November 3rd. The technology company reported $3.30 EPS for the quarter, beating the consensus estimate of $3.21 by $0.09. SBA Communications had a net margin of 29.69% and a negative return on equity of 16.60%. The business had revenue of $732.33 million during the quarter, compared to the consensus estimate of $715.65 million. During the same period in the previous year, the business earned $3.32 earnings per share. The company’s revenue was up 9.7% on a year-over-year basis. Research analysts forecast that SBA Communications Corporation will post 12.57 earnings per share for the current year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 11th. Stockholders of record on Thursday, November 13th were issued a dividend of $1.11 per share. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.3%. SBA Communications’s payout ratio is 57.89%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Barclays dropped their price objective on shares of SBA Communications from $219.00 to $212.00 and set an “overweight” rating for the company in a research note on Monday, December 1st. Wells Fargo & Company lowered their target price on shares of SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 16th. Royal Bank Of Canada cut their price target on SBA Communications from $235.00 to $232.00 and set an “outperform” rating for the company in a research note on Monday, November 10th. Cowen reissued a “buy” rating on shares of SBA Communications in a research report on Tuesday, November 4th. Finally, Morgan Stanley dropped their price objective on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $237.00.

SBA Communications Company 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.