HighTower Advisors LLC decreased its stake in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 58.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,531 shares of the company’s stock after selling 19,156 shares during the period. HighTower Advisors LLC’s holdings in Sinclair Broadcast Group were worth $548,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the company. Independent Portfolio Consultants Inc. boosted its stake 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 valued at $104,000 after buying an additional 60 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Sinclair Broadcast Group by 55.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,897 shares of the company’s stock valued at $117,000 after buying an additional 1,036 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Sinclair Broadcast Group by 9.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,230 shares of the company’s stock valued at $131,000 after buying an additional 278 shares in the last quarter. M&T Bank Corp acquired a new stake in Sinclair Broadcast Group during the first quarter valued at approximately $213,000. Finally, New York State Teachers Retirement System acquired a new stake in Sinclair Broadcast Group during the first quarter valued at approximately $235,000. 71.82% of the stock is owned by institutional investors and hedge funds.
Shares of Sinclair Broadcast Group, Inc. (NASDAQ SBGI) opened at 33.10 on Friday. Sinclair Broadcast Group, Inc. has a 52 week low of $24.15 and a 52 week high of $43.05. The firm has a 50-day moving average price of $33.84 and a 200-day moving average price of $36.09. The firm has a market cap of $3.40 billion, a PE ratio of 11.16 and a beta of 1.79.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its earnings results on Wednesday, May 3rd. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.03. Sinclair Broadcast Group had a return on equity of 39.72% and a net margin of 9.91%. The firm had revenue of $649.90 million during the quarter, compared to analyst estimates of $646.94 million. During the same quarter in the prior year, the company earned $0.25 EPS. The business’s revenue was up 12.3% compared to the same quarter last year. On average, equities research analysts predict that Sinclair Broadcast Group, Inc. will post $2.04 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.18%. The ex-dividend date was Tuesday, May 30th. Sinclair Broadcast Group’s dividend payout ratio is currently 24.08%.
A number of equities research analysts have commented on SBGI shares. Stephens set a $46.00 price objective on Sinclair Broadcast Group and gave the company a “buy” rating in a research note on Saturday, June 3rd. Royal Bank Of Canada reissued a “buy” rating and issued a $45.00 price objective on shares of Sinclair Broadcast Group in a research note on Wednesday, July 5th. Zacks Investment Research raised Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. ValuEngine raised Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research note on Tuesday, May 16th. Finally, Benchmark Co. raised their price objective on Sinclair Broadcast Group from $45.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, May 4th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $44.40.
In other news, Director Lawrence E. Mccanna sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $34.75, for a total value of $69,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David D. Smith bought 4,400 shares of the firm’s stock in a transaction dated Friday, May 5th. The stock was purchased at an average cost of $36.77 per share, with a total value of $161,788.00. The disclosure for this purchase can be found here. 28.20% of the stock is currently owned by corporate insiders.
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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