Teachers Insurance & Annuity Association of America increased its position in SBA Communications Co. (NASDAQ:SBAC) by 12.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 134,285 shares of the technology company’s stock after purchasing an additional 14,499 shares during the quarter. SBA Communications accounts for approximately 1.1% of Teachers Insurance & Annuity Association of America’s holdings, making the stock its 27th biggest holding. Teachers Insurance & Annuity Association of America’s holdings in SBA Communications were worth $21,938,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new position in SBA Communications during the fourth quarter valued at $108,000. Tower Research Capital LLC TRC raised its stake in SBA Communications by 168.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 809 shares of the technology company’s stock valued at $132,000 after buying an additional 508 shares during the last quarter. Sun Life Financial INC purchased a new position in SBA Communications during the third quarter valued at $127,000. MAI Capital Management purchased a new position in SBA Communications during the fourth quarter valued at $204,000. Finally, Alps Advisors Inc. purchased a new position in SBA Communications during the fourth quarter valued at $206,000. Institutional investors own 91.18% of the company’s stock.
SBA Communications Co. (SBAC) opened at $166.49 on Friday. SBA Communications Co. has a one year low of $115.19 and a one year high of $177.67. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of -3.57. The firm has a market capitalization of $19,387.10, a price-to-earnings ratio of 168.17, a PEG ratio of 16.01 and a beta of 0.92.
SBA Communications announced that its Board of Directors has approved a stock buyback program on Monday, February 26th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the technology company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
SBAC has been the subject of a number of recent research reports. Morgan Stanley lifted their price objective on SBA Communications from $169.00 to $190.00 and gave the company an “overweight” rating in a research note on Tuesday, November 14th. KeyCorp restated an “overweight” rating and issued a $192.00 price target (up previously from $179.00) on shares of SBA Communications in a research note on Monday, November 27th. Royal Bank of Canada restated a “buy” rating and issued a $200.00 price target on shares of SBA Communications in a research note on Thursday, November 30th. Cowen restated a “buy” rating and issued a $170.00 price target (up previously from $155.00) on shares of SBA Communications in a research note on Tuesday, December 5th. Finally, BidaskClub cut SBA Communications from a “hold” rating to a “sell” rating in a research note on Friday, December 15th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company. SBA Communications presently has an average rating of “Buy” and a consensus target price of $173.07.
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SBA Communications Company Profile
SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing.
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