Teachers Insurance & Annuity Association of America cut its holdings in SBA Communications Co. (NASDAQ:SBAC) by 24.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 79,153 shares of the technology company’s stock after selling 25,161 shares during the period. SBA Communications comprises approximately 2.1% of Teachers Insurance & Annuity Association of America’s holdings, making the stock its 13th biggest position. Teachers Insurance & Annuity Association of America owned 0.07% of SBA Communications worth $17,796,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SBAC. Parametric Portfolio Associates LLC lifted its position in SBA Communications by 0.8% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 394,499 shares of the technology company’s stock valued at $88,699,000 after purchasing an additional 3,169 shares during the last quarter. MML Investors Services LLC increased its stake in shares of SBA Communications by 43.8% in the second quarter. MML Investors Services LLC now owns 2,200 shares of the technology company’s stock valued at $495,000 after purchasing an additional 670 shares during the period. Cibc World Markets Corp increased its stake in shares of SBA Communications by 32.0% in the second quarter. Cibc World Markets Corp now owns 19,682 shares of the technology company’s stock valued at $4,425,000 after purchasing an additional 4,773 shares during the period. Meadow Creek Investment Management LLC raised its holdings in shares of SBA Communications by 69.9% during the second quarter. Meadow Creek Investment Management LLC now owns 5,328 shares of the technology company’s stock valued at $1,198,000 after buying an additional 2,192 shares during the last quarter. Finally, Magellan Asset Management Ltd raised its holdings in shares of SBA Communications by 1.1% during the second quarter. Magellan Asset Management Ltd now owns 90,650 shares of the technology company’s stock valued at $20,382,000 after buying an additional 981 shares during the last quarter. 93.35% of the stock is owned by institutional investors and hedge funds.

In other SBA Communications news, CFO Brendan Thomas Cavanagh sold 54,411 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was 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 of the company’s stock, valued at approximately $26,472,180.57. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director George R. Krouse, Jr. sold 2,087 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $247.51, for a total value of $516,553.37. Following the completion of the sale, the director now owns 10,950 shares of the company’s stock, valued at approximately $2,710,234.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,616 shares of company stock valued at $26,774,328. Corporate insiders own 2.50% of the company’s stock.

SBA Communications stock traded up $1.54 during trading hours on Wednesday, hitting $242.63. The company had a trading volume of 55,025 shares, compared to its average volume of 544,676. The firm has a market capitalization of $28.50 billion, a P/E ratio of 31.91, a price-to-earnings-growth ratio of 3.24 and a beta of 0.67. The firm’s fifty day moving average is $254.02 and its 200-day moving average is $219.90. SBA Communications Co. has a fifty-two week low of $146.13 and a fifty-two week high of $270.42.

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

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, August 28th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend is Tuesday, August 27th. SBA Communications’s payout ratio is currently 19.47%.

A number of analysts have commented on the stock. BidaskClub downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Tuesday. UBS Group downgraded SBA Communications from a “buy” rating to a “neutral” rating and upped their target price for the stock from $209.00 to $240.00 in a research report on Friday, June 7th. KeyCorp increased their price target on SBA Communications from $259.00 to $292.00 and gave the company an “overweight” rating in a research note on Monday, August 19th. Moffett Nathanson reiterated a “neutral” rating and set a $246.00 price target on shares of SBA Communications in a research report on Monday, July 8th. Finally, Cowen boosted their price objective on SBA Communications from $203.00 to $250.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. SBA Communications has an average rating of “Hold” and an average price target of $236.67.

SBA Communications Company Profile

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.

Read More: Market Timing

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

Receive News & Ratings for SBA Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SBA Communications and related companies with MarketBeat.com's FREE daily email newsletter.