Sinclair Broadcast Group, Inc. (SBGI) Position Lifted by American International Group Inc.
American International Group Inc. increased its position in shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 8.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,433 shares of the company’s stock after acquiring an additional 3,621 shares during the quarter. American International Group Inc.’s holdings in Sinclair Broadcast Group were worth $1,552,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in 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 acquiring an additional 273 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Sinclair Broadcast Group during the 2nd quarter worth approximately $141,000. Cheyne Capital Management UK LLP bought a new position in Sinclair Broadcast Group during the 3rd quarter worth approximately $170,000. Teacher Retirement System of Texas boosted its stake in Sinclair Broadcast Group by 2.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 6,141 shares of the company’s stock worth $202,000 after acquiring an additional 164 shares during the last quarter. Finally, Rational Advisors LLC bought a new position in Sinclair Broadcast Group during the 3rd quarter worth approximately $234,000. 84.80% of the stock is currently owned by institutional investors and hedge funds.
Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) opened at $36.40 on Thursday. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 3.51. Sinclair Broadcast Group, Inc. has a one year low of $26.70 and a one year high of $43.05. The firm has a market cap of $3,672.85, a P/E ratio of 15.23, a price-to-earnings-growth ratio of 9.02 and a beta of 1.92.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, November 1st. The company reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.13). Sinclair Broadcast Group had a net margin of 9.06% and a return on equity of 23.27%. The company had revenue of $670.90 million during the quarter, compared to the consensus estimate of $671.42 million. During the same period in the previous year, the firm posted $0.54 EPS. The business’s quarterly revenue was down 3.3% compared to the same quarter last year. equities research analysts expect that Sinclair Broadcast Group, Inc. will post 2 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Thursday, November 30th. Sinclair Broadcast Group’s payout ratio is currently 27.07%.
In other news, Director Howard E. Friedman sold 1,010 shares of Sinclair Broadcast Group stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $31.98, for a total value of $32,299.80. Following the sale, the director now directly owns 10,990 shares in the company, valued at $351,460.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 28.20% of the company’s stock.
SBGI has been the topic of several recent analyst reports. ValuEngine lowered shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Monday, September 11th. FBR & Co assumed coverage on shares of Sinclair Broadcast Group in a research note on Tuesday, October 31st. They set a “buy” rating and a $43.00 price objective on the stock. Deutsche Bank assumed coverage on shares of Sinclair Broadcast Group in a research note on Friday, October 20th. They issued a “buy” rating and a $46.00 price target on the stock. Zacks Investment Research lowered shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 4th. Finally, B. Riley lifted their price target on shares of Sinclair Broadcast Group from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, November 2nd. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Sinclair Broadcast Group presently has a consensus rating of “Buy” and a consensus target price of $44.91.
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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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