Janney Montgomery Scott LLC Invests $417,000 in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)

Janney Montgomery Scott LLC acquired a new position in Sinclair Broadcast Group, Inc. (NASDAQ:SBGIGet Rating) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 23,063 shares of the company’s stock, valued at approximately $417,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Copeland Capital Management LLC acquired a new stake in shares of Sinclair Broadcast Group in the third quarter worth $25,000. HighMark Wealth Management LLC acquired a new position in Sinclair Broadcast Group during the 3rd quarter valued at $27,000. Steward Partners Investment Advisory LLC raised its stake in Sinclair Broadcast Group by 26.8% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 2,840 shares of the company’s stock valued at $58,000 after purchasing an additional 600 shares during the last quarter. New York State Teachers Retirement System acquired a new position in Sinclair Broadcast Group during the 2nd quarter valued at $84,000. Finally, US Bancorp DE raised its stake in Sinclair Broadcast Group by 40.6% during the 2nd quarter. US Bancorp DE now owns 5,046 shares of the company’s stock valued at $103,000 after purchasing an additional 1,458 shares during the last quarter. 51.14% of the stock is currently owned by institutional investors and hedge funds.

Sinclair Broadcast Group Trading Up 2.7 %

Shares of SBGI stock opened at $19.25 on Tuesday. Sinclair Broadcast Group, Inc. has a 52-week low of $14.36 and a 52-week high of $31.04. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 0.56 and a beta of 1.29. The company has a debt-to-equity ratio of 6.60, a quick ratio of 2.27 and a current ratio of 2.27. The firm has a fifty day moving average of $17.25 and a 200-day moving average of $19.70.

Sinclair Broadcast Group (NASDAQ:SBGIGet Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.17. Sinclair Broadcast Group had a net margin of 56.44% and a negative return on equity of 35.47%. The company had revenue of $843.00 million during the quarter, compared to analysts’ expectations of $889.66 million. During the same quarter in the prior year, the company posted $0.51 EPS. The business’s revenue was down 45.1% on a year-over-year basis. On average, equities research analysts forecast that Sinclair Broadcast Group, Inc. will post 36.81 earnings per share for the current fiscal year.

Sinclair Broadcast Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 5.19%. The ex-dividend date of this dividend was Wednesday, November 30th. Sinclair Broadcast Group’s payout ratio is 2.91%.

Analyst Upgrades and Downgrades

Several research firms recently commented on SBGI. JPMorgan Chase & Co. cut shares of Sinclair Broadcast Group from a “neutral” rating to an “underweight” rating and cut their target price for the company from $25.00 to $16.00 in a research note on Thursday, December 8th. StockNews.com cut shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Monday, November 28th. EF Hutton Acquisition Co. I upped their target price on shares of Sinclair Broadcast Group from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, October 5th. Wells Fargo & Company cut shares of Sinclair Broadcast Group from an “overweight” rating to an “underweight” rating and cut their target price for the company from $30.00 to $16.00 in a research note on Wednesday, November 2nd. Finally, Rosenblatt Securities cut their target price on shares of Sinclair Broadcast Group from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Thursday, November 3rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Sinclair Broadcast Group has an average rating of “Hold” and a consensus price target of $27.00.

Sinclair Broadcast Group Profile

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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.

See Also

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Institutional Ownership by Quarter for Sinclair Broadcast Group (NASDAQ:SBGI)

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