Sinclair Broadcast Group (NASDAQ:SBGI) Shares Gap Up to $22.94

Shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGIGet Rating) gapped up prior to trading on Friday . The stock had previously closed at $22.94, but opened at $24.01. Sinclair Broadcast Group shares last traded at $21.98, with a volume of 5,567 shares.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. StockNews.com upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research note on Tuesday, May 10th. Deutsche Bank Aktiengesellschaft lowered their target price on Sinclair Broadcast Group from $31.00 to $28.00 in a research report on Monday, May 23rd. Wells Fargo & Company upgraded Sinclair Broadcast Group from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $30.00 to $33.00 in a research report on Thursday, May 5th. TheStreet upgraded Sinclair Broadcast Group from a “d+” rating to a “c” rating in a research report on Wednesday, June 1st. Finally, Rosenblatt Securities began coverage on Sinclair Broadcast Group in a research report on Tuesday, April 19th. They set a “neutral” rating and a $21.00 target price on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $29.00.

Sinclair Broadcast Group Trading Down 4.8 %

The company has a quick ratio of 2.43, a current ratio of 2.43 and a debt-to-equity ratio of 6.20. The stock has a fifty day simple moving average of $21.74 and a 200 day simple moving average of $24.78. The firm has a market capitalization of $1.57 billion, a P/E ratio of 0.73 and a beta of 1.35.

Sinclair Broadcast Group (NASDAQ:SBGIGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of ($1.66) by $2.03. The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.53 billion. Sinclair Broadcast Group’s revenue was down 14.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.18 earnings per share. As a group, research analysts forecast that Sinclair Broadcast Group, Inc. will post -0.12 EPS for the current year.

Sinclair Broadcast Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, May 31st. This represents a $1.00 dividend on an annualized basis and a yield of 4.58%. Sinclair Broadcast Group’s dividend payout ratio is presently 3.33%.

Institutional Investors Weigh In On Sinclair Broadcast Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Signaturefd LLC raised its holdings in Sinclair Broadcast Group by 65.1% during the fourth quarter. Signaturefd LLC now owns 1,106 shares of the company’s stock valued at $29,000 after acquiring an additional 436 shares during the period. Steward Partners Investment Advisory LLC increased its holdings in shares of Sinclair Broadcast Group by 44.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,940 shares of the company’s stock worth $51,000 after purchasing an additional 600 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new stake in shares of Sinclair Broadcast Group in the first quarter worth about $89,000. Cornerstone Advisory LLC bought a new stake in shares of Sinclair Broadcast Group in the fourth quarter worth about $87,000. Finally, New York State Teachers Retirement System bought a new stake in shares of Sinclair Broadcast Group in the fourth quarter worth about $103,000.

About Sinclair Broadcast Group

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Sinclair Broadcast Group, Inc operates as a media company in the United States. The company operates in two segments, Broadcast and Local Sports. The Broadcast segment 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 programming to television viewing audiences in the communities through its local television stations.

Further Reading

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