Prudential Financial Inc. decreased its position in shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 88.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,581 shares of the company’s stock after selling 123,340 shares during the period. Prudential Financial Inc.’s holdings in Sinclair Broadcast Group were worth $631,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Guggenheim Capital LLC boosted its position in Sinclair Broadcast Group by 9.8% in the fourth quarter. Guggenheim Capital LLC now owns 64,618 shares of the company’s stock valued at $2,155,000 after buying an additional 5,788 shares during the last quarter. Norges Bank purchased a new position in Sinclair Broadcast Group during the fourth quarter worth about $31,008,000. Quadrature Capital Ltd purchased a new position in Sinclair Broadcast Group during the fourth quarter worth about $939,000. Teachers Advisors LLC boosted its position in Sinclair Broadcast Group by 1.2% in the fourth quarter. Teachers Advisors LLC now owns 132,783 shares of the company’s stock worth $4,428,000 after buying an additional 1,582 shares during the last quarter. Finally, Independent Portfolio Consultants Inc. boosted its position in Sinclair Broadcast Group by 2.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 2,575 shares of the company’s stock worth $104,000 after buying an additional 60 shares during the last quarter. Institutional investors and hedge funds own 76.91% of the company’s stock.
Sinclair Broadcast Group, Inc. (NASDAQ SBGI) traded down 0.17% during trading on Friday, hitting $29.70. The stock had a trading volume of 1,240,512 shares. Sinclair Broadcast Group, Inc. has a 52-week low of $24.15 and a 52-week high of $43.05. The firm has a market cap of $3.05 billion, a PE ratio of 10.41 and a beta of 1.79. The company’s 50 day moving average is $32.98 and its 200 day moving average is $36.06.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.43. Sinclair Broadcast Group had a net margin of 9.70% and a return on equity of 32.06%. The company had revenue of $679.30 million for the quarter, compared to the consensus estimate of $678.23 million. During the same period last year, the firm posted $0.52 EPS. Sinclair Broadcast Group’s revenue for the quarter was up 2.1% on a year-over-year basis. Equities research analysts forecast that Sinclair Broadcast Group, Inc. will post $2.01 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Wednesday, August 30th. Sinclair Broadcast Group’s payout ratio is currently 24.83%.
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A number of research analysts have commented on SBGI shares. Stephens set a $46.00 price target on Sinclair Broadcast Group and gave the company a “buy” rating in a research report on Saturday, June 3rd. Zacks Investment Research lowered Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Benchmark Co. increased their target price on Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, August 1st. Royal Bank Of Canada restated a “buy” rating and issued a $45.00 price target on shares of Sinclair Broadcast Group in a research note on Wednesday, July 5th. Finally, ValuEngine upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research note on Tuesday, May 16th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $43.50.
In other news, Director Lawrence E. Mccanna sold 2,000 shares of Sinclair Broadcast Group stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $34.75, for a total value of $69,500.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 28.20% of the company’s stock.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.
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