SBA Communications (NASDAQ:SBAC) Stock Gets Price Target Cut from JPMorgan Chase & Co.

SBA Communications (NASDAQ:SBAC) had its price objective cut by JPMorgan Chase & Co. from $220.00 to $200.00 in a report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

SBAC has been the subject of several other research reports. Weiss Ratings raised shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 15th. Citigroup reiterated a “market outperform” rating on shares of SBA Communications in a report on Tuesday. Sanford C. Bernstein cut their target price on SBA Communications from $219.00 to $208.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 20th. Wells Fargo & Company set a $200.00 target price on shares of SBA Communications in a report on Tuesday. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $271.00 target price on shares of SBA Communications in a research report on Monday, October 5th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $224.64.

SBA Communications Stock Performance

Shares of SBAC stock opened at $193.08 on Tuesday. The firm has a market cap of $20.48 billion, a P/E ratio of 15.74, a P/E/G ratio of 1.96 and a beta of 0.97. The firm’s 50 day moving average price is $179.75 and its 200-day moving average price is $189.98. SBA Communications has a one year low of $156.60 and a one year high of $224.46.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, November 2nd. The technology company reported $2.19 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.10. SBA Communications had a net margin of 34.54% and a negative return on equity of 20.67%. The firm had revenue of $713.92 million during the quarter, compared to the consensus estimate of $724.07 million. During the same quarter last year, the firm earned $3.30 EPS. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, research analysts predict that SBA Communications will post 11.40 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Thursday, November 12th will be paid a $1.25 dividend. The ex-dividend date is Thursday, November 12th. This represents a $5.00 annualized dividend and a dividend yield of 2.6%. SBA Communications’s dividend payout ratio (DPR) is 53.88%.

Insiders Place Their Bets

In related news, Director George R. Krouse, Jr. sold 300 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $182.67, for a total value of $54,801.00. Following the sale, the director directly owned 8,512 shares in the company, valued at $1,554,887.04. The trade was a 3.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.50% of the stock is owned by insiders.

Institutional Investors Weigh In On SBA Communications

A number of hedge funds and other institutional investors have recently modified their holdings of SBAC. Raiffeisen Bank International AG increased its stake in SBA Communications by 184.8% in the second quarter. Raiffeisen Bank International AG now owns 188 shares of the technology company’s stock valued at $34,000 after purchasing an additional 122 shares during the last quarter. Provenance Wealth Advisors LLC acquired a new stake in SBA Communications in the 3rd quarter worth about $36,000. CX Institutional grew its holdings in SBA Communications by 44.2% in the second quarter. CX Institutional now owns 212 shares of the technology company’s stock valued at $37,000 after purchasing an additional 65 shares during the period. Eastern Bank acquired a new position in SBA Communications in the second quarter valued at $44,000. Finally, Root Financial Partners LLC acquired a new position in SBA Communications in the third quarter valued at $48,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Company Profile

SBA Communications Corporation is a real estate investment trust that owns and operates wireless communications infrastructure. The company’s portfolio primarily consists of wireless communications towers and related sites that support cellular, wireless broadband, and other communications equipment.

SBA Communications leases antenna space on its towers to wireless service providers, government agencies, and other communications companies. It also provides site development services, including zoning, permitting, construction, and project management, as well as tower construction and acquisition services in selected markets.

Founded in 1989 and headquartered in Boca Raton, Florida, SBA Communications serves customers across the United States and in parts of Central and South America.