Affinity Investment Advisors LLC Takes Position in Sinclair Broadcast Group (SBGI)
Affinity Investment Advisors LLC acquired a new stake in Sinclair Broadcast Group (NASDAQ:SBGI) during the 1st quarter, HoldingsChannel reports. The fund acquired 7,889 shares of the company’s stock, valued at approximately $247,000.
Other hedge funds have also added to or reduced their stakes in the company. Chicago Equity Partners LLC boosted its holdings in Sinclair Broadcast Group by 5.0% during the first quarter. Chicago Equity Partners LLC now owns 48,940 shares of the company’s stock worth $1,532,000 after buying an additional 2,330 shares in the last quarter. B. Riley Financial Inc. purchased a new stake in Sinclair Broadcast Group during the first quarter worth $290,000. Campbell & CO Investment Adviser LLC purchased a new stake in Sinclair Broadcast Group during the first quarter worth $278,000. Swiss National Bank boosted its holdings in Sinclair Broadcast Group by 13.0% during the first quarter. Swiss National Bank now owns 136,750 shares of the company’s stock worth $4,280,000 after buying an additional 15,700 shares in the last quarter. Finally, Prudential Financial Inc. boosted its holdings in Sinclair Broadcast Group by 3.5% during the first quarter. Prudential Financial Inc. now owns 571,525 shares of the company’s stock worth $17,889,000 after buying an additional 19,394 shares in the last quarter. 87.01% of the stock is currently owned by institutional investors and hedge funds.
SBGI has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Tuesday, January 30th. Benchmark reaffirmed a “buy” rating and set a $55.00 price objective on shares of Sinclair Broadcast Group in a report on Wednesday, February 21st. B. Riley decreased their price objective on shares of Sinclair Broadcast Group from $53.00 to $49.00 and set a “buy” rating on the stock in a report on Thursday, March 1st. Royal Bank of Canada reaffirmed a “buy” rating on shares of Sinclair Broadcast Group in a report on Thursday, March 1st. Finally, BidaskClub downgraded shares of Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a report on Friday, March 2nd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $46.30.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, February 28th. The company reported $1.67 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $1.07. The business had revenue of $734.00 million during the quarter, compared to analysts’ expectations of $733.41 million. Sinclair Broadcast Group had a net margin of 20.44% and a return on equity of 22.02%. The company’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.32 earnings per share. equities research analysts predict that Sinclair Broadcast Group will post 3.38 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 1st will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, May 31st. Sinclair Broadcast Group’s dividend payout ratio (DPR) is 25.71%.
Sinclair Broadcast Group Profile
Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, or sales services to television stations. The company 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 internally originated programming to television viewing audiences in the communities through its local television stations.
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