Shares of SBA Communications Co. (NASDAQ:SBAC) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $249.96 and last traded at $248.62, with a volume of 708885 shares changing hands. The stock had previously closed at $246.79.
A number of research analysts have weighed in on the stock. UBS Group lowered shares of SBA Communications from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $209.00 to $240.00 in a research report on Friday, June 7th. New Street Research lowered shares of SBA Communications from a “buy” rating to a “neutral” rating and set a $236.00 target price for the company. in a research report on Thursday, June 13th. Morgan Stanley boosted their target price on shares of SBA Communications from $204.00 to $222.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Bank of America lowered shares of SBA Communications from a “buy” rating to a “neutral” rating and set a $245.00 target price for the company. in a research report on Monday, July 15th. They noted that the move was a valuation call. Finally, KeyCorp boosted their target price on shares of SBA Communications from $252.00 to $259.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. SBA Communications presently has an average rating of “Hold” and an average price target of $227.15.
The stock has a market capitalization of $27.95 billion, a PE ratio of 32.71, a price-to-earnings-growth ratio of 3.15 and a beta of 0.69. The stock has a 50-day simple moving average of $232.36.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, August 28th will be issued a dividend of $0.37 per share. The ex-dividend date is Tuesday, August 27th. This represents a $1.48 annualized dividend and a dividend yield of 0.60%.
In other news, EVP Kurt L. Bagwell sold 14,320 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $225.53, for a total transaction of $3,229,589.60. Following the transaction, the executive vice president now owns 58,375 shares in the company, valued at approximately $13,165,313.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Brian C. Carr sold 700 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $206.50, for a total transaction of $144,550.00. Following the transaction, the director now owns 2,590 shares in the company, valued at approximately $534,835. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,320 shares of company stock worth $13,010,971. Insiders own 2.50% of the company’s stock.
Several large investors have recently bought and sold shares of SBAC. FMR LLC increased its holdings in shares of SBA Communications by 3,456.5% during the 1st quarter. FMR LLC now owns 1,245,173 shares of the technology company’s stock worth $248,612,000 after purchasing an additional 1,210,162 shares during the period. USS Investment Management Ltd bought a new stake in SBA Communications in the second quarter valued at about $92,341,000. Portsea Asset Management LLP bought a new stake in SBA Communications in the first quarter valued at about $81,542,000. Commonwealth Bank of Australia increased its stake in SBA Communications by 24.7% in the first quarter. Commonwealth Bank of Australia now owns 1,280,749 shares of the technology company’s stock valued at $255,703,000 after acquiring an additional 253,552 shares during the period. Finally, CIBC Private Wealth Group LLC increased its stake in SBA Communications by 97.3% in the first quarter. CIBC Private Wealth Group LLC now owns 476,704 shares of the technology company’s stock valued at $95,179,000 after acquiring an additional 235,136 shares during the period. Institutional investors own 94.28% of the company’s stock.
About SBA Communications (NASDAQ:SBAC)
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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