JPMorgan Chase & Co. downgraded shares of SBA Communications (NASDAQ:SBAC) from an overweight rating to a neutral rating in a report released on Thursday morning, 24/7 WallStreet reports. The brokerage currently has $270.00 price target on the technology company’s stock, up from their previous price target of $220.00.
A number of other research firms have also weighed in on SBAC. Moffett Nathanson restated a neutral rating and issued a $246.00 target price on shares of SBA Communications in a report on Monday, July 8th. Raymond James lowered shares of SBA Communications from an outperform rating to a market perform rating in a report on Wednesday, May 1st. They noted that the move was a valuation call. Cowen upped their target price on shares of SBA Communications from $203.00 to $250.00 and gave the stock an outperform rating in a report on Tuesday, July 30th. BidaskClub upgraded shares of SBA Communications from a buy rating to a strong-buy rating in a report on Thursday, May 9th. Finally, Bank of America lowered shares of SBA Communications from a buy rating to a neutral rating and set a $245.00 target price on the stock. in a report on Monday, July 15th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. SBA Communications has an average rating of Hold and a consensus price target of $227.15.
Shares of SBAC stock traded up $1.83 on Thursday, reaching $248.62. 708,973 shares of the company were exchanged, compared to its average volume of 556,621. The stock has a market capitalization of $27.95 billion, a P/E ratio of 32.71, a price-to-earnings-growth ratio of 3.15 and a beta of 0.69. The firm has a 50-day simple moving average of $232.36. SBA Communications has a one year low of $146.13 and a one year high of $249.96.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, August 28th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $1.48 annualized dividend and a yield of 0.60%.
In other SBA Communications news, Director Brian C. Carr sold 700 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $206.50, for a total value of $144,550.00. Following the completion of the sale, the director now owns 2,590 shares in the company, valued at approximately $534,835. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jeffrey Stoops sold 37,847 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $218.87, for a total transaction of $8,283,572.89. Following the completion of the sale, the chief executive officer now owns 255,141 shares of the company’s stock, valued at approximately $55,842,710.67. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,320 shares of company stock valued at $13,010,971. Company insiders own 2.50% of the company’s stock.
Large investors have recently bought and sold shares of the business. Pinnacle Bank purchased a new stake in shares of SBA Communications during the 4th quarter worth approximately $25,000. Spectrum Management Group Inc. purchased a new stake in shares of SBA Communications during the 1st quarter worth approximately $27,000. Advisory Services Network LLC increased its stake in shares of SBA Communications by 65.4% during the 2nd quarter. Advisory Services Network LLC now owns 129 shares of the technology company’s stock worth $29,000 after purchasing an additional 51 shares during the last quarter. Berman Capital Advisors LLC increased its stake in shares of SBA Communications by 103.9% during the 2nd quarter. Berman Capital Advisors LLC now owns 155 shares of the technology company’s stock worth $34,000 after purchasing an additional 79 shares during the last quarter. Finally, Next Capital Management LLC purchased a new stake in shares of SBA Communications during the 2nd quarter worth approximately $43,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.
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.
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