JPMorgan Chase & Co. Cuts SBA Communications (NASDAQ:SBAC) Price Target to $220.00

SBA Communications (NASDAQ:SBAC) had its price objective cut by JPMorgan Chase & Co. from $230.00 to $220.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Several other brokerages also recently weighed in on SBAC. Royal Bank Of Canada lowered their price objective on SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a research report on Friday, July 10th. Morgan Stanley cut their target price on shares of SBA Communications from $225.00 to $215.00 and set an “equal weight” rating on the stock in a report on Tuesday. Truist Financial reaffirmed a “buy” rating and issued a $248.00 target price (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. Barclays upped their price target on shares of SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Finally, Wells Fargo & Company raised shares of SBA Communications from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $220.00 to $210.00 in a research report on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $228.12.

SBA Communications Trading Up 2.4%

SBAC opened at $182.60 on Tuesday. The company has a market cap of $19.37 billion, a P/E ratio of 19.68, a P/E/G ratio of 1.78 and a beta of 0.99. The business’s 50-day moving average price is $187.75 and its 200-day moving average price is $194.47. SBA Communications has a 12 month low of $162.41 and a 12 month high of $225.33.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, August 3rd. The technology company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.02. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.51%.The company had revenue of $715.27 million during the quarter, compared to analysts’ expectations of $706.01 million. During the same period in the prior year, the business posted $3.17 EPS. SBA Communications’s quarterly revenue was up 2.3% compared to the same quarter last year. Equities research analysts forecast that SBA Communications will post 11.42 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, August 20th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Thursday, August 20th. SBA Communications’s dividend payout ratio is currently 53.88%.

Institutional Trading of SBA Communications

Several large investors have recently added to or reduced their stakes in SBAC. DV Equities LLC purchased a new position in SBA Communications during the 4th quarter valued at $29,000. Geneos Wealth Management Inc. lifted its position in shares of SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after purchasing an additional 84 shares during the period. Fulcrum Asset Management LLP bought a new stake in shares of SBA Communications during the 3rd quarter valued at about $32,000. High Point Wealth Management LLC bought a new stake in shares of SBA Communications during the 4th quarter valued at about $39,000. Finally, Commonwealth Retirement Investments LLC purchased a new position in shares of SBA Communications during the fourth quarter valued at about $39,000. Institutional investors own 97.35% of the company’s stock.

SBA Communications Company Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.