Several other equities research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut shares of SBA Communications from an overweight rating to a neutral rating and raised their price target for the stock from $220.00 to $270.00 in a research note on Thursday, August 1st. TheStreet raised shares of SBA Communications from a c rating to a b- rating in a research note on Monday, July 29th. Bank of America reaffirmed a neutral rating and set a $260.00 price target (up from $245.00) on shares of SBA Communications in a research note on Wednesday, August 14th. Cowen increased their price objective 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. Finally, Moffett Nathanson reiterated a neutral rating and set a $246.00 price objective on shares of SBA Communications in a report on Monday, July 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $238.92.
Shares of SBA Communications stock traded up $4.06 during mid-day trading on Thursday, hitting $244.10. 792,378 shares of the stock were exchanged, compared to its average volume of 692,656. SBA Communications has a twelve month low of $150.52 and a twelve month high of $270.42. The stock has a market capitalization of $27.03 billion, a price-to-earnings ratio of 32.12, a price-to-earnings-growth ratio of 3.07 and a beta of 0.65. The company has a 50-day simple moving average of $247.95 and a 200 day simple moving average of $229.80.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, August 28th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $1.48 annualized dividend and a dividend yield of 0.61%. SBA Communications’s payout ratio is currently 19.47%.
In other SBA Communications news, Director George R. Krouse, Jr. sold 620 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $258.26, for a total value of $160,121.20. Following the completion of the sale, the director now owns 10,000 shares of the company’s stock, valued at $2,582,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Brian D. Lazarus sold 1,466 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $261.00, for a total transaction of $382,626.00. Following the completion of the sale, the chief accounting officer now directly owns 17,829 shares of the company’s stock, valued at approximately $4,653,369. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,616 shares of company stock worth $26,774,328. Insiders own 2.50% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC boosted its holdings in SBA Communications by 65.4% in the second 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 period. Redhawk Wealth Advisors Inc. acquired a new position in SBA Communications in the second quarter worth $29,000. Certified Advisory Corp acquired a new position in SBA Communications in the second quarter worth $31,000. Berman Capital Advisors LLC boosted its holdings in SBA Communications by 103.9% in the second 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 period. Finally, Next Capital Management LLC acquired a new position in SBA Communications in the second quarter worth $43,000. 93.29% of the stock is owned by hedge funds and other institutional investors.
About SBA Communications
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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