JPMorgan Chase & Co. Boosts SBA Communications (NASDAQ:SBAC) Price Target to $250.00

SBA Communications (NASDAQ:SBAC) had its price target hoisted by JPMorgan Chase & Co. from $228.00 to $250.00 in a report released on Monday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the technology company’s stock.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company cut shares of SBA Communications from an overweight rating to an equal weight rating and cut their price objective for the company from $230.00 to $220.00 in a research report on Monday, July 15th. Royal Bank of Canada lifted their price target on shares of SBA Communications from $235.00 to $245.00 and gave the company an outperform rating in a research note on Monday, August 5th. The Goldman Sachs Group started coverage on shares of SBA Communications in a research note on Monday, July 1st. They issued a neutral rating and a $212.00 price target on the stock. Morgan Stanley lifted their price target on shares of SBA Communications from $232.00 to $252.00 and gave the company an overweight rating in a research note on Wednesday, September 18th. Finally, BMO Capital Markets lowered their price target on shares of SBA Communications from $250.00 to $245.00 and set an outperform rating on the stock in a research note on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $241.75.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $239.33 on Monday. The firm has a market cap of $25.71 billion, a P/E ratio of 46.93, a P/E/G ratio of 0.73 and a beta of 0.67. The firm has a 50 day simple moving average of $225.31 and a 200 day simple moving average of $209.47. SBA Communications has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, July 29th. The technology company reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The business had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.21 million. SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. SBA Communications’s revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the firm posted $3.24 EPS. On average, sell-side analysts expect that SBA Communications will post 12.53 EPS for the current year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd were issued a dividend of $0.98 per share. The ex-dividend date was Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a yield of 1.64%. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

Insider Buying and Selling

In related news, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the completion of the sale, the chairman now owns 109,583 shares in the company, valued at $24,328,521.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Jeffrey Stoops sold 49,765 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the transaction, the chairman now directly owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,590 shares of company stock worth $11,483,981. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of SBA Communications by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 17,368,209 shares of the technology company’s stock worth $3,763,691,000 after acquiring an additional 88,339 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of SBA Communications by 54.9% in the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after acquiring an additional 1,524,302 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of SBA Communications by 13.4% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock worth $387,470,000 after acquiring an additional 233,179 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of SBA Communications by 15.5% in the 2nd quarter. American Century Companies Inc. now owns 1,190,288 shares of the technology company’s stock worth $233,654,000 after acquiring an additional 159,433 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of SBA Communications by 3.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 986,487 shares of the technology company’s stock worth $213,773,000 after acquiring an additional 33,507 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

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.