Sinclair Broadcast Group, Inc. (SBGI) Stake Increased by Bank of Montreal Can
Bank of Montreal Can raised its position in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 69.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 9,677 shares of the company’s stock after buying an additional 3,974 shares during the period. Bank of Montreal Can’s holdings in Sinclair Broadcast Group were worth $319,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Sinclair Broadcast Group by 23.3% in the first quarter. Vanguard Group Inc. now owns 6,100,685 shares of the company’s stock worth $247,078,000 after buying an additional 1,152,147 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Sinclair Broadcast Group by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 5,961,215 shares of the company’s stock worth $241,430,000 after buying an additional 127,165 shares during the last quarter. BlackRock Inc. boosted its stake in Sinclair Broadcast Group by 18,421.8% in the first quarter. BlackRock Inc. now owns 4,884,950 shares of the company’s stock worth $197,842,000 after buying an additional 4,858,576 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Sinclair Broadcast Group by 1,377.9% in the first quarter. Point72 Asset Management L.P. now owns 2,576,060 shares of the company’s stock worth $104,330,000 after buying an additional 2,401,760 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Sinclair Broadcast Group by 4,601.8% in the first quarter. Renaissance Technologies LLC now owns 1,371,571 shares of the company’s stock worth $55,549,000 after buying an additional 1,342,400 shares during the last quarter. Institutional investors own 83.10% of the company’s stock.
Shares of Sinclair Broadcast Group, Inc. (NASDAQ SBGI) traded down 2.706% during midday trading on Thursday, reaching $30.599. The company had a trading volume of 1,063,693 shares. Sinclair Broadcast Group, Inc. has a 1-year low of $24.15 and a 1-year high of $43.05. The stock has a market capitalization of $3.14 billion, a PE ratio of 10.729 and a beta of 1.79. The company’s 50-day moving average is $32.57 and its 200-day moving average is $35.91.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.43. Sinclair Broadcast Group had a return on equity of 32.06% and a net margin of 9.70%. The firm had revenue of $679.30 million during the quarter, compared to analyst estimates of $678.23 million. During the same period last year, the company earned $0.52 EPS. Sinclair Broadcast Group’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts forecast that Sinclair Broadcast Group, Inc. will post $2.01 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Wednesday, August 30th. Sinclair Broadcast Group’s dividend payout ratio is currently 24.83%.
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A number of equities research analysts have recently commented on SBGI shares. ValuEngine upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research note on Tuesday, May 16th. Zacks Investment Research cut Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Stephens set a $46.00 target price on Sinclair Broadcast Group and gave the stock a “buy” rating in a research note on Saturday, June 3rd. Royal Bank Of Canada reiterated a “buy” rating and set a $45.00 target price on shares of Sinclair Broadcast Group in a research note on Wednesday, July 5th. Finally, Benchmark Co. lifted their target price on Sinclair Broadcast Group from $45.00 to $52.00 and gave the stock a “buy” rating in a research note on Thursday, May 4th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $43.50.
In related news, Director Lawrence E. Mccanna sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $34.75, for a total transaction of $69,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 28.20% of the stock is currently owned by company insiders.
Sinclair Broadcast Group Company Profile
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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