Teachers Insurance & Annuity Association of America Has $17.80 Million Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Teachers Insurance & Annuity Association of America trimmed its stake in SBA Communications Co. (NASDAQ:SBAC) by 24.1% in the second quarter, Holdings Channel reports. The firm owned 79,153 shares of the technology company’s stock after selling 25,161 shares during the quarter. SBA Communications comprises approximately 2.1% of Teachers Insurance & Annuity Association of America’s investment portfolio, making the stock its 13th biggest position. Teachers Insurance & Annuity Association of America’s holdings in SBA Communications were worth $17,796,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Advisory Services Network LLC lifted its stake in SBA Communications by 65.4% in the 2nd quarter. Advisory Services Network LLC now owns 129 shares of the technology company’s stock valued at $29,000 after purchasing an additional 51 shares during the last quarter. Redhawk Wealth Advisors Inc. acquired a new position in shares of SBA Communications during the 2nd quarter worth approximately $29,000. Certified Advisory Corp acquired a new position in shares of SBA Communications during the 2nd quarter worth approximately $31,000. Berman Capital Advisors LLC raised its stake in SBA Communications by 103.9% in the 2nd quarter. Berman Capital Advisors LLC now owns 155 shares of the technology company’s stock valued at $34,000 after acquiring an additional 79 shares during the period. Finally, Next Capital Management LLC bought a new stake in SBA Communications in the 2nd quarter valued at $43,000. 93.35% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:SBAC traded up $1.54 during mid-day trading on Wednesday, reaching $242.63. 55,025 shares of the company’s stock were exchanged, compared to its average volume of 544,676. SBA Communications Co. has a one year low of $146.13 and a one year high of $270.42. The firm has a market capitalization of $28.50 billion, a PE ratio of 31.91, a price-to-earnings-growth ratio of 3.24 and a beta of 0.67. The business’s fifty day simple moving average is $254.02 and its two-hundred day simple moving average is $219.90.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, July 29th. The technology company reported $0.28 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.86 by ($1.58). SBA Communications had a net margin of 6.75% and a negative return on equity of 4.12%. The business had revenue of $500.10 million during the quarter, compared to the consensus estimate of $489.09 million. During the same period in the prior year, the firm earned ($0.50) EPS. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, analysts expect that SBA Communications Co. will post 7.78 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, August 28th will be given a $0.37 dividend. The ex-dividend date is Tuesday, August 27th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.61%. SBA Communications’s payout ratio is 19.47%.

In other SBA Communications news, SVP Brian D. Lazarus sold 20,676 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $261.00, for a total value of $5,396,436.00. Following the sale, the senior vice president now owns 17,829 shares of the company’s stock, valued at approximately $4,653,369. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Brendan Thomas Cavanagh sold 54,411 shares of SBA Communications stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $268.07, for a total value of $14,585,956.77. Following the completion of the transaction, the chief financial officer now owns 98,751 shares in the company, valued at approximately $26,472,180.57. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,616 shares of company stock valued at $26,774,328. 2.50% of the stock is currently owned by corporate insiders.

Several brokerages have issued reports on SBAC. Cowen lifted their price objective on shares of SBA Communications from $203.00 to $250.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. Bank of America restated a “neutral” rating and set a $260.00 target price (up previously from $245.00) on shares of SBA Communications in a research note on Wednesday, August 14th. UBS Group downgraded shares of SBA Communications from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $209.00 to $240.00 in a report on Friday, June 7th. JPMorgan Chase & Co. lowered shares of SBA Communications from an “overweight” rating to a “neutral” rating and upped their price target for the company from $220.00 to $270.00 in a research note on Thursday, August 1st. Finally, TheStreet raised shares of SBA Communications from a “c” rating to a “b-” rating in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. SBA Communications currently has an average rating of “Hold” and a consensus target price of $236.67.

About SBA Communications

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By “Building Better Wireless,” SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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