Vivaldi Asset Management LLC Takes $2.70 Million Position in Sinclair Broadcast Group, Inc. (SBGI)
Vivaldi Asset Management LLC acquired a new position in shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 82,168 shares of the company’s stock, valued at approximately $2,703,000. Vivaldi Asset Management LLC owned 0.08% of Sinclair Broadcast Group at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Sinclair Broadcast Group by 55.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,897 shares of the company’s stock worth $117,000 after buying an additional 1,036 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Sinclair Broadcast Group by 9.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,230 shares of the company’s stock worth $131,000 after buying an additional 278 shares during the period. M&T Bank Corp bought a new stake in shares of Sinclair Broadcast Group during the 1st quarter worth $213,000. New York State Teachers Retirement System bought a new stake in shares of Sinclair Broadcast Group during the 1st quarter worth $235,000. Finally, Teacher Retirement System of Texas bought a new stake in shares of Sinclair Broadcast Group during the 1st quarter worth $242,000. 83.10% of the stock is owned by institutional investors and hedge funds.
In other Sinclair Broadcast Group news, Director Lawrence E. Mccanna sold 2,000 shares of Sinclair Broadcast Group stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $34.75, for a total transaction of $69,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 28.20% of the company’s stock.
Shares of Sinclair Broadcast Group, Inc. (NASDAQ SBGI) opened at 30.35 on Tuesday. The company has a market capitalization of $3.12 billion, a P/E ratio of 10.64 and a beta of 1.80. Sinclair Broadcast Group, Inc. has a one year low of $24.15 and a one year high of $43.05. The firm has a 50-day moving average of $32.20 and a 200-day moving average of $35.75.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings data on Wednesday, August 2nd. The company reported $0.43 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.43. Sinclair Broadcast Group had a net margin of 9.70% and a return on equity of 32.06%. The firm had revenue of $679.30 million during the quarter, compared to analysts’ expectations of $678.23 million. During the same period in the previous year, the business posted $0.52 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. Equities research analysts expect that Sinclair Broadcast Group, Inc. will post $2.01 EPS for the current fiscal year.
The business 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. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.72 dividend on an annualized basis and a yield of 2.37%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is 24.83%.
Several analysts recently issued reports on SBGI shares. Royal Bank Of Canada reaffirmed a “buy” rating and set a $45.00 price objective on shares of Sinclair Broadcast Group in a report on Wednesday, July 5th. ValuEngine downgraded shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $48.00 to $37.00 in a report on Thursday, May 11th. Zacks Investment Research raised shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Benchmark Co. upped their price objective on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st. Finally, Stephens set a $46.00 price objective on shares of Sinclair Broadcast Group and gave the stock a “buy” rating in a report on Saturday, June 3rd. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $43.50.
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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