JPMorgan Chase & Co. Has $522.01 Million Stock Position in SBA Communications Co. (NASDAQ:SBAC)

JPMorgan Chase & Co. lowered its holdings in SBA Communications Co. (NASDAQ:SBACFree Report) by 3.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,607,843 shares of the technology company’s stock after selling 90,736 shares during the quarter. JPMorgan Chase & Co. owned 2.41% of SBA Communications worth $522,012,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Invesco Ltd. grew its holdings in shares of SBA Communications by 140.6% during the 3rd quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock worth $429,140,000 after purchasing an additional 1,252,764 shares in the last quarter. Norges Bank acquired a new stake in shares of SBA Communications during the 4th quarter worth approximately $310,556,000. Ameriprise Financial Inc. boosted its stake in SBA Communications by 115.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock valued at $271,838,000 after buying an additional 727,163 shares in the last quarter. Millennium Management LLC boosted its stake in SBA Communications by 294.4% in the 4th quarter. Millennium Management LLC now owns 797,089 shares of the technology company’s stock valued at $223,432,000 after buying an additional 594,994 shares in the last quarter. Finally, Bristol John W & Co. Inc. NY acquired a new stake in SBA Communications in the 3rd quarter valued at $92,725,000. Institutional investors and hedge funds own 92.48% of the company’s stock.

SBA Communications Stock Performance

Shares of SBAC opened at $218.13 on Friday. The stock has a 50 day simple moving average of $225.22 and a 200 day simple moving average of $222.80. SBA Communications Co. has a 52-week low of $185.23 and a 52-week high of $267.42. The firm has a market capitalization of $23.53 billion, a PE ratio of 47.32, a P/E/G ratio of 1.33 and a beta of 0.56.

SBA Communications (NASDAQ:SBACGet Free Report) last released its earnings results on Monday, February 26th. The technology company reported $1.01 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.36). The firm had revenue of $675.00 million during the quarter, compared to the consensus estimate of $682.11 million. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The company’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.11 EPS. Equities research analysts predict that SBA Communications Co. will post 12.59 EPS for the current fiscal year.

SBA Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th will be paid a $0.98 dividend. This is a boost from SBA Communications’s previous quarterly dividend of $0.85. The ex-dividend date is Wednesday, March 13th. This represents a $3.92 annualized dividend and a yield of 1.80%. SBA Communications’s payout ratio is presently 73.75%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. BMO Capital Markets reduced their price objective on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 27th. Barclays cut their price target on SBA Communications from $265.00 to $260.00 and set an “overweight” rating for the company in a report on Tuesday. Bank of America raised SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target for the company in a report on Thursday. Finally, KeyCorp lifted their price target on SBA Communications from $251.00 to $276.00 and gave the company an “overweight” rating in a report on Wednesday, December 6th. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, SBA Communications currently has an average rating of “Buy” and an average target price of $271.50.

Check Out Our Latest Report on SBAC

Insider Transactions at SBA Communications

In other news, EVP Jason V. Silberstein sold 16,465 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $255.44, for a total transaction of $4,205,819.60. Following the sale, the executive vice president now owns 29,908 shares in the company, valued at approximately $7,639,699.52. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Brian D. Lazarus sold 20,605 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $249.35, for a total transaction of $5,137,856.75. Following the transaction, the chief accounting officer now directly owns 7,085 shares of the company’s stock, valued at approximately $1,766,644.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jason V. Silberstein sold 16,465 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $255.44, for a total value of $4,205,819.60. Following the transaction, the executive vice president now directly owns 29,908 shares in the company, valued at $7,639,699.52. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

SBA Communications Company Profile

(Free Report)

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 in 16 markets throughout the Americas, Africa and the Philippines, SBA is listed on NASDAQ under the symbol SBAC.

See Also

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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