Corebridge Financial Inc. Sells 1,203 Shares of Sinclair, Inc. (NASDAQ:SBGI)

Corebridge Financial Inc. lessened its stake in shares of Sinclair, Inc. (NASDAQ:SBGI) by 7.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,916 shares of the company’s stock after selling 1,203 shares during the quarter. Corebridge Financial Inc.’s holdings in Sinclair were worth $257,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. GAMMA Investing LLC boosted its holdings in Sinclair by 26.9% in the fourth quarter. GAMMA Investing LLC now owns 2,896 shares of the company’s stock worth $47,000 after purchasing an additional 613 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of Sinclair by 29.4% in the 4th quarter. New York State Common Retirement Fund now owns 7,480 shares of the company’s stock worth $121,000 after buying an additional 1,700 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Sinclair in the 4th quarter worth $123,000. Aigen Investment Management LP bought a new stake in shares of Sinclair in the fourth quarter worth $262,000. Finally, Bailard Inc. purchased a new stake in Sinclair during the fourth quarter valued at $279,000. 41.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SBGI has been the topic of several recent research reports. StockNews.com cut shares of Sinclair from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Benchmark reiterated a “buy” rating and issued a $30.00 price target on shares of Sinclair in a research report on Tuesday, January 28th. Wells Fargo & Company cut their price objective on shares of Sinclair from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Finally, Guggenheim decreased their target price on Sinclair from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, March 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $19.30.

Sinclair Price Performance

Shares of NASDAQ:SBGI opened at $13.68 on Friday. The company has a market capitalization of $909.30 million, a P/E ratio of -4.15 and a beta of 1.29. Sinclair, Inc. has a 1-year low of $11.13 and a 1-year high of $18.46. The firm’s 50 day simple moving average is $14.82 and its two-hundred day simple moving average is $15.86. The company has a debt-to-equity ratio of 11.73, a current ratio of 1.91 and a quick ratio of 1.91.

Sinclair (NASDAQ:SBGI) last issued its earnings results on Wednesday, February 26th. The company reported $2.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.99 by $0.62. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $1.01 billion. Research analysts expect that Sinclair, Inc. will post 4.24 EPS for the current fiscal year.

Sinclair Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Monday, March 10th were issued a $0.25 dividend. The ex-dividend date was Monday, March 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.31%. Sinclair’s dividend payout ratio (DPR) is presently 21.46%.

Insider Buying and Selling at Sinclair

In other news, Chairman David D. Smith acquired 4,616 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $16.44 per share, with a total value of $75,887.04. Following the completion of the purchase, the chairman now directly owns 972,205 shares in the company, valued at approximately $15,983,050.20. This trade represents a 0.48 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased a total of 458,530 shares of company stock worth $6,636,392 over the last ninety days. Company insiders own 46.60% of the company’s stock.

Sinclair Company Profile

Sinclair, Inc, a media company, provides content on local television stations and digital platforms in the United States. It operates through two segments, Local Media and Tennis. The Local Media segment operates broadcast television stations, original networks, and content; provides free-over-the-air programming and live local sporting events on its stations; distributes its content to multi-channel video programming distributors in exchange for contractual fees; and produces local and original news programs.