Mitsubishi UFJ Trust & Banking Corp grew its holdings in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI – Get Rating) by 3.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,667 shares of the company’s stock after acquiring an additional 1,935 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Sinclair Broadcast Group were worth $1,238,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Steward Partners Investment Advisory LLC boosted its holdings in shares of Sinclair Broadcast Group by 26.8% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 2,840 shares of the company’s stock valued at $58,000 after acquiring an additional 600 shares during the last quarter. New York State Teachers Retirement System purchased a new stake in Sinclair Broadcast Group during the second quarter worth $84,000. US Bancorp DE boosted its holdings in Sinclair Broadcast Group by 40.6% during the second quarter. US Bancorp DE now owns 5,046 shares of the company’s stock worth $103,000 after buying an additional 1,458 shares in the last quarter. Dupont Capital Management Corp purchased a new stake in Sinclair Broadcast Group during the second quarter worth $133,000. Finally, Great West Life Assurance Co. Can boosted its holdings in Sinclair Broadcast Group by 18.4% during the first quarter. Great West Life Assurance Co. Can now owns 5,068 shares of the company’s stock worth $150,000 after buying an additional 787 shares in the last quarter. 88.32% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on SBGI shares. StockNews.com raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Tuesday, November 15th. Rosenblatt Securities lowered their price target on shares of Sinclair Broadcast Group from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Thursday, November 3rd. Wells Fargo & Company downgraded shares of Sinclair Broadcast Group from an “overweight” rating to an “underweight” rating and lowered their price target for the stock from $30.00 to $16.00 in a report on Wednesday, November 2nd. Finally, EF Hutton Acquisition Co. I increased their price target on shares of Sinclair Broadcast Group from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, October 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $29.20.
Sinclair Broadcast Group Stock Performance
Sinclair Broadcast Group (NASDAQ:SBGI – Get Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.11. The company had revenue of $843.00 million during the quarter, compared to analysts’ expectations of $889.66 million. Sinclair Broadcast Group had a net margin of 56.44% and a negative return on equity of 35.47%. The firm’s revenue for the quarter was down 45.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.51 earnings per share. As a group, research analysts forecast that Sinclair Broadcast Group, Inc. will post 36.84 earnings per share for the current fiscal year.
Sinclair Broadcast Group Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.33%. The ex-dividend date is Wednesday, November 30th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is 2.91%.
About Sinclair Broadcast Group
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.
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