SBA Communications Co. (NASDAQ:SBAC) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its position in SBA Communications Co. (NASDAQ:SBAC) by 16.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,254,460 shares of the technology company’s stock after acquiring an additional 605,872 shares during the period. JPMorgan Chase & Co.’s holdings in SBA Communications were worth $1,024,049,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SBAC. Victory Capital Management Inc. boosted its holdings in shares of SBA Communications by 2,821.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after acquiring an additional 1,174,469 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in SBA Communications by 377.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock valued at $213,353,000 after purchasing an additional 700,791 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in SBA Communications in the second quarter valued at $134,738,000. Long Pond Capital LP purchased a new position in shares of SBA Communications during the 2nd quarter valued at about $83,687,000. Finally, AQR Capital Management LLC lifted its holdings in shares of SBA Communications by 500.0% in the 2nd quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock valued at $72,375,000 after buying an additional 307,530 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Stock Performance

Shares of SBAC opened at $203.20 on Friday. The stock has a 50 day moving average price of $221.33 and a 200 day moving average price of $220.55. SBA Communications Co. has a one year low of $183.64 and a one year high of $256.29. The stock has a market capitalization of $21.85 billion, a price-to-earnings ratio of 32.05, a PEG ratio of 0.72 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). The business had revenue of $667.60 million for the quarter, compared to analysts’ expectations of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. SBA Communications’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $3.34 EPS. On average, analysts predict that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th were issued a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Thursday, November 14th. SBA Communications’s dividend payout ratio is currently 61.83%.

Analysts Set New Price Targets

SBAC has been the topic of several analyst reports. The Goldman Sachs Group raised their target price on SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. KeyCorp lifted their target price on shares of SBA Communications from $230.00 to $280.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Raymond James increased their price target on shares of SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. Wells Fargo & Company upped their price objective on shares of SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. Finally, TD Cowen raised their target price on SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $254.92.

Insider Activity

In related news, EVP Mark R. Ciarfella sold 3,545 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $224.33, for a total value of $795,249.85. Following the completion of the sale, the executive vice president now owns 33,588 shares of the company’s stock, valued at approximately $7,534,796.04. This represents a 9.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Donald Day sold 2,321 shares of SBA Communications stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $203.43, for a total transaction of $472,161.03. Following the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at $1,016,743.14. This trade represents a 31.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

SBA Communications Company Profile

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.