1,430,614 Shares in Sinclair Broadcast Group Inc (SBGI) Acquired by Norges Bank
Norges Bank acquired a new position in shares of Sinclair Broadcast Group Inc (NASDAQ:SBGI) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,430,614 shares of the company’s stock, valued at approximately $37,682,000.
Other hedge funds have also made changes to their positions in the company. Covington Capital Management bought a new stake in shares of Sinclair Broadcast Group during the 4th quarter worth $33,000. Enlightenment Research LLC bought a new stake in shares of Sinclair Broadcast Group during the 4th quarter worth $53,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Sinclair Broadcast Group during the 4th quarter worth $103,000. PNC Financial Services Group Inc. lifted its position in shares of Sinclair Broadcast Group by 114.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 7,419 shares of the company’s stock worth $211,000 after buying an additional 3,959 shares during the last quarter. Finally, Signition LP bought a new stake in shares of Sinclair Broadcast Group during the 4th quarter worth $229,000. Institutional investors and hedge funds own 67.06% of the company’s stock.
Sinclair Broadcast Group stock opened at $43.50 on Monday. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of 12.99 and a beta of 1.50. Sinclair Broadcast Group Inc has a 12 month low of $25.13 and a 12 month high of $44.64.
The company also recently announced a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Monday, March 11th were given a $0.20 dividend. The ex-dividend date was Friday, March 8th. This represents a $0.80 annualized dividend and a yield of 1.84%. Sinclair Broadcast Group’s dividend payout ratio is presently 23.88%.
SBGI has been the subject of several recent analyst reports. B. Riley upped their price objective on Sinclair Broadcast Group from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 18th. ValuEngine downgraded Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research report on Friday, December 21st. BidaskClub downgraded Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Tuesday, December 25th. Zacks Investment Research downgraded Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research report on Wednesday, January 9th. Finally, Benchmark restated a “buy” rating and set a $39.00 price objective on shares of Sinclair Broadcast Group in a research report on Monday, January 14th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $38.56.
In other Sinclair Broadcast Group news, insider David R. Bochenek sold 977 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $38.79, for a total value of $37,897.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Barry Faber sold 16,882 shares of the stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $34.78, for a total value of $587,155.96. The disclosure for this sale can be found here. Insiders sold 182,893 shares of company stock valued at $6,987,659 over the last quarter. Corporate insiders own 29.24% of the company’s stock.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, sales, and other non-programming operating services to television stations. The company broadcasts free over-the-air programming, such as network provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated entertainment programs, and internally originated programming to television viewing audiences in the communities through its local television stations.
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