Sinclair Broadcast Group, Inc. (SBGI) Director Howard E. Friedman Sells 1,010 Shares
Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Director Howard E. Friedman sold 1,010 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $31.98, for a total transaction of $32,299.80. Following the transaction, the director now owns 10,990 shares of the company’s stock, valued at approximately $351,460.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Sinclair Broadcast Group, Inc. (NASDAQ SBGI) opened at 31.55 on Wednesday. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 11.06 and a beta of 1.83. The firm’s 50-day moving average is $29.54 and its 200 day moving average is $34.08. Sinclair Broadcast Group, Inc. has a 1-year low of $24.15 and a 1-year high of $43.05.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, August 2nd. The company reported $0.43 earnings per share for the quarter, hitting the consensus estimate of $0.43. The company had revenue of $679.30 million during the quarter, compared to analyst estimates of $678.23 million. Sinclair Broadcast Group had a return on equity of 32.06% and a net margin of 9.70%. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.52 earnings per share. Equities analysts anticipate that Sinclair Broadcast Group, Inc. will post $2.01 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.72 dividend on an annualized basis and a yield of 2.28%. Sinclair Broadcast Group’s dividend payout ratio is currently 24.83%.
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A number of research firms have recently weighed in on SBGI. ValuEngine upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Monday. Wells Fargo & Company restated an “outperform” rating and set a $55.00 target price on shares of Sinclair Broadcast Group in a research report on Monday. Zacks Investment Research downgraded shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Benchmark Co. increased their price target on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $45.00 price target on shares of Sinclair Broadcast Group in a research report on Wednesday, July 5th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $45.14.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Sinclair Broadcast Group by 9.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,170 shares of the company’s stock worth $104,000 after purchasing an additional 273 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Sinclair Broadcast Group by 9.4% in the 1st 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 during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Sinclair Broadcast Group in the 2nd quarter valued at about $141,000. Teacher Retirement System of Texas raised its holdings in Sinclair Broadcast Group by 2.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 6,141 shares of the company’s stock valued at $202,000 after buying an additional 164 shares during the period. Finally, M&T Bank Corp purchased a new stake in Sinclair Broadcast Group in the 1st quarter valued at about $213,000. Institutional investors and hedge funds own 80.87% 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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