Verition Fund Management LLC Takes $492,000 Position in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)

Verition Fund Management LLC purchased a new stake in shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI – Get Rating) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 27,221 shares of the company’s stock, valued at approximately $492,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Copeland Capital Management LLC acquired a new position in shares of Sinclair Broadcast Group during the 3rd quarter valued at about $25,000. HighMark Wealth Management LLC acquired a new position in Sinclair Broadcast Group in the third quarter valued at about $27,000. Steward Partners Investment Advisory LLC lifted its position in Sinclair Broadcast Group by 26.8% in the second quarter. Steward Partners Investment Advisory LLC now owns 2,840 shares of the company’s stock valued at $58,000 after buying an additional 600 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Sinclair Broadcast Group by 154.3% in the third quarter. Tower Research Capital LLC TRC now owns 4,849 shares of the company’s stock valued at $87,000 after buying an additional 2,942 shares during the last quarter. Finally, US Bancorp DE lifted its position in Sinclair Broadcast Group by 40.6% in the second quarter. US Bancorp DE now owns 5,046 shares of the company’s stock valued at $103,000 after buying an additional 1,458 shares during the last quarter. Institutional investors and hedge funds own 51.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SBGI shares. JPMorgan Chase & Co. cut shares of Sinclair Broadcast Group from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $25.00 to $16.00 in a research report on Thursday, December 8th. StockNews.com lowered shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Monday, November 28th. Rosenblatt Securities cut their price target on shares of Sinclair Broadcast Group from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, February 23rd. Wells Fargo & Company cut their price target on shares of Sinclair Broadcast Group from $16.00 to $15.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 22nd. Finally, Benchmark reiterated a “buy” rating and set a $30.00 price target on shares of Sinclair Broadcast Group in a research note on Tuesday, February 21st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $25.83.

Sinclair Broadcast Group Stock Down 0.6 %

SBGI stock opened at $15.59 on Tuesday. The company’s 50 day moving average price is $18.22 and its 200 day moving average price is $18.88. The company has a debt-to-equity ratio of 6.21, a quick ratio of 2.77 and a current ratio of 2.77. Sinclair Broadcast Group, Inc. has a fifty-two week low of $14.36 and a fifty-two week high of $29.47. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 0.43 and a beta of 1.42.

Sinclair Broadcast Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 17th. Investors of record on Friday, March 3rd will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.41%. The ex-dividend date of this dividend is Thursday, March 2nd. Sinclair Broadcast Group’s dividend payout ratio (DPR) is 2.75%.

Sinclair Broadcast Group Profile

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Sinclair Broadcast Group, Inc is a media company engaged in the provision of local sports and news. It operates through the following segments: Broadcast, Local Sports, and Others. The Broadcast segment consists of television stations which offer programming and operating services, and sales and other non-programming operating services.