BidaskClub upgraded shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a hold rating to a buy rating in a report released on Monday morning.
A number of other brokerages have also recently issued reports on SBGI. ValuEngine upgraded shares of Sinclair Broadcast Group from a sell rating to a hold rating in a report on Tuesday, November 27th. Wolfe Research started coverage on shares of Sinclair Broadcast Group in a report on Friday, December 7th. They set an underperform rating for the company. Zacks Investment Research cut shares of Sinclair Broadcast Group from a buy rating to a hold rating in a report on Wednesday, December 12th. JPMorgan Chase & Co. started coverage on shares of Sinclair Broadcast Group in a report on Wednesday, September 26th. They set a neutral rating and a $32.00 price objective for the company. Finally, B. Riley lifted their price objective on shares of Sinclair Broadcast Group from $35.00 to $38.00 and gave the company a neutral rating in a report on Tuesday, December 18th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Sinclair Broadcast Group currently has a consensus rating of Hold and a consensus price target of $37.89.
Shares of NASDAQ SBGI traded down $0.15 during mid-day trading on Monday, reaching $30.02. 60,547 shares of the company’s stock traded hands, compared to its average volume of 1,583,721. The stock has a market capitalization of $2.91 billion, a P/E ratio of 10.74 and a beta of 1.35. Sinclair Broadcast Group has a 1-year low of $25.13 and a 1-year high of $40.15. The company has a debt-to-equity ratio of 2.43, a current ratio of 2.98 and a quick ratio of 2.98.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, November 7th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.06. The firm had revenue of $766.30 million during the quarter, compared to analysts’ expectations of $752.56 million. Sinclair Broadcast Group had a net margin of 19.98% and a return on equity of 19.79%. The business’s revenue was up 18.9% on a year-over-year basis. During the same period last year, the company earned $0.30 earnings per share. As a group, equities research analysts anticipate that Sinclair Broadcast Group will post 3.27 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, December 17th. Investors of record on Friday, November 30th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, November 29th. This is a boost from Sinclair Broadcast Group’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 2.66%. Sinclair Broadcast Group’s payout ratio is 28.57%.
In related news, Director Lawrence E. Mccanna sold 5,000 shares of the business’s stock in a transaction dated Wednesday, November 14th. The shares were sold at an average price of $31.68, for a total transaction of $158,400.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 29.24% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in SBGI. Exane Derivatives purchased a new position in Sinclair Broadcast Group during the third quarter worth about $159,000. Cerebellum GP LLC purchased a new position in Sinclair Broadcast Group during the third quarter worth about $193,000. PNC Financial Services Group Inc. boosted its stake in Sinclair Broadcast Group by 114.4% in the third quarter. PNC Financial Services Group Inc. now owns 7,419 shares of the company’s stock valued at $211,000 after acquiring an additional 3,959 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Sinclair Broadcast Group in the third quarter valued at about $221,000. Finally, Steward Partners Investment Advisory LLC boosted its stake in Sinclair Broadcast Group by 355.6% in the third quarter. Steward Partners Investment Advisory LLC now owns 8,200 shares of the company’s stock valued at $232,000 after acquiring an additional 6,400 shares during the last quarter. Institutional investors and hedge funds own 67.45% of the company’s stock.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, or sales services to television stations. The company broadcasts free over-the-air programming, such as network provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated entertainment programs, and internally originated programming to television viewing audiences in the communities through its local television stations.
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