JPMorgan Chase & Co. Acquires 1,715,541 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• JPMorgan Chase & Co. increased its holdings in SBA Communications by 40.3% in the first quarter, now owning approximately 5.97 million shares worth $1.31 billion.
• SBA Communications reported earnings of $3.17 per share, exceeding estimates, with revenues of $698.98 million for the last quarter, reflecting a 5.8% increase year-over-year.
• The company has announced a quarterly dividend of $1.11 to be paid on September 18, representing a 2.0% annual yield.

JPMorgan Chase & Co. raised its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 40.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,973,657 shares of the technology company's stock after buying an additional 1,715,541 shares during the period. JPMorgan Chase & Co. owned 5.55% of SBA Communications worth $1,314,265,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of SBAC. NewEdge Advisors LLC grew its position in shares of SBA Communications by 23.9% in the fourth quarter. NewEdge Advisors LLC now owns 1,276 shares of the technology company's stock valued at $260,000 after purchasing an additional 246 shares during the last quarter. CWA Asset Management Group LLC acquired a new stake in SBA Communications during the first quarter worth about $302,000. GAMMA Investing LLC grew its position in SBA Communications by 38.6% during the first quarter. GAMMA Investing LLC now owns 1,684 shares of the technology company's stock worth $370,000 after buying an additional 469 shares in the last quarter. Praxis Investment Management Inc. acquired a new stake in SBA Communications during the first quarter worth about $290,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in SBA Communications by 14.1% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,300 shares of the technology company's stock worth $3,146,000 after buying an additional 1,769 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Wall Street Zen downgraded SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Morgan Stanley lifted their target price on SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. UBS Group lifted their target price on SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft downgraded SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price on the stock. in a research report on Tuesday, May 20th. Finally, Barclays lifted their target price on SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $258.25.

SBA Communications Stock Down 0.5%

NASDAQ:SBAC traded down $1.12 during trading hours on Tuesday, hitting $217.99. 621,906 shares of the stock were exchanged, compared to its average volume of 830,736. The company's 50 day moving average is $230.26 and its two-hundred day moving average is $223.80. SBA Communications Corporation has a twelve month low of $192.55 and a twelve month high of $252.64. The company has a market capitalization of $23.42 billion, a P/E ratio of 27.70, a price-to-earnings-growth ratio of 2.01 and a beta of 0.77.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.10 by $0.07. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%. The firm had revenue of $698.98 million for the quarter, compared to the consensus estimate of $670.73 million. During the same quarter in the prior year, the business earned $3.29 EPS. The business's revenue for the quarter was up 5.8% compared to the same quarter last year. On average, equities research analysts expect that SBA Communications Corporation will post 12.57 EPS for the current year.

SBA Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st will be given a dividend of $1.11 per share. The ex-dividend date is Thursday, August 21st. This represents a $4.44 annualized dividend and a dividend yield of 2.0%. SBA Communications's payout ratio is presently 56.42%.

SBA Communications 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.