Principal Financial Group Inc. raised its position in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 201.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,113,294 shares of the company’s stock after buying an additional 2,748,201 shares during the period. Principal Financial Group Inc. owned approximately 4.01% of Sinclair Broadcast Group worth $135,326,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. UBS Oconnor LLC acquired a new position in Sinclair Broadcast Group during the first quarter worth approximately $14,796,000. Vanguard Group Inc. increased its stake in shares of Sinclair Broadcast Group by 23.3% in the first quarter. Vanguard Group Inc. now owns 6,100,685 shares of the company’s stock valued at $247,078,000 after buying an additional 1,152,147 shares during the period. Renaissance Technologies LLC increased its stake in shares of Sinclair Broadcast Group by 4,601.8% in the first quarter. Renaissance Technologies LLC now owns 1,371,571 shares of the company’s stock valued at $55,549,000 after buying an additional 1,342,400 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Sinclair Broadcast Group by 12.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 521,946 shares of the company’s stock valued at $21,139,000 after buying an additional 59,777 shares during the period. Finally, Clearbridge Investments LLC increased its stake in shares of Sinclair Broadcast Group by 0.5% in the first quarter. Clearbridge Investments LLC now owns 1,169,858 shares of the company’s stock valued at $47,379,000 after buying an additional 5,715 shares during the period. Institutional investors own 83.10% of the company’s stock.

Sinclair Broadcast Group, Inc. (SBGI) opened at 30.25 on Friday. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 10.61 and a beta of 1.79. The stock’s 50 day moving average is $32.28 and its 200-day moving average is $35.79. Sinclair Broadcast Group, Inc. has a one year low of $24.15 and a one year high of $43.05.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.43. Sinclair Broadcast Group had a net margin of 9.70% and a return on equity of 32.06%. The company had revenue of $679.30 million during the quarter, compared to analysts’ expectations of $678.23 million. During the same quarter in the prior year, the company earned $0.52 EPS. The firm’s revenue was up 2.1% on a year-over-year basis. On average, equities research analysts expect that Sinclair Broadcast Group, Inc. will post $2.01 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.18 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.38%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is 24.83%.

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SBGI has been the subject of several recent analyst reports. Benchmark Co. raised their target price on shares of Sinclair Broadcast Group from $45.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, May 4th. Royal Bank Of Canada reissued a “buy” rating and issued a $45.00 price target on shares of Sinclair Broadcast Group in a report on Wednesday, July 5th. ValuEngine cut shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating and lowered their price target for the company from $48.00 to $37.00 in a report on Thursday, May 11th. Zacks Investment Research raised shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Finally, Stephens set a $46.00 price target on shares of Sinclair Broadcast Group and gave the company a “buy” rating in a report on Saturday, June 3rd. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $43.50.

In other news, Director Lawrence E. Mccanna sold 2,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $34.75, for a total value of $69,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 28.20% of the stock is currently owned by corporate insiders.

About Sinclair Broadcast Group

Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.

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

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