Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its stake in shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 5.1% in the second quarter, Holdings Channel.com reports. The fund owned 492,132 shares of the company’s stock after selling 26,653 shares during the period. Bank of New York Mellon Corp’s holdings in Sinclair Broadcast Group were worth $16,348,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Kingsview Wealth Management LLC increased its position in shares of Sinclair Broadcast Group by 3.3% during the first quarter. Kingsview Wealth Management LLC now owns 10,080 shares of the company’s stock valued at $302,000 after acquiring an additional 321 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Sinclair Broadcast Group by 0.9% during the second quarter. New York State Common Retirement Fund now owns 40,357 shares of the company’s stock valued at $1,341,000 after acquiring an additional 357 shares during the last quarter. IndexIQ Advisors LLC increased its position in shares of Sinclair Broadcast Group by 2.7% during the second quarter. IndexIQ Advisors LLC now owns 13,827 shares of the company’s stock valued at $459,000 after acquiring an additional 359 shares during the last quarter. The PNC Financial Services Group Inc. increased its position in shares of Sinclair Broadcast Group by 125.1% during the first quarter. The PNC Financial Services Group Inc. now owns 916 shares of the company’s stock valued at $27,000 after acquiring an additional 509 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its stake in shares of Sinclair Broadcast Group by 2.3% in the second quarter. State Board of Administration of Florida Retirement System now owns 23,357 shares of the company’s stock valued at $776,000 after purchasing an additional 531 shares during the period. Institutional investors and hedge funds own 57.32% of the company’s stock.

SBGI has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Sinclair Broadcast Group from $30.00 to $34.00 and gave the company a “hold” rating in a research note on Friday, July 2nd. Zacks Investment Research lowered shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Wednesday, September 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Sinclair Broadcast Group has a consensus rating of “Hold” and a consensus target price of $33.00.

Shares of Sinclair Broadcast Group stock opened at $27.60 on Thursday. Sinclair Broadcast Group, Inc. has a 52-week low of $16.72 and a 52-week high of $39.60. The company has a 50 day moving average of $29.65 and a 200 day moving average of $30.79. The company has a market capitalization of $2.08 billion, a P/E ratio of -0.67 and a beta of 1.68.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Tuesday, August 3rd. The company reported ($4.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($4.23) by ($0.18). Sinclair Broadcast Group had a negative return on equity of 25.10% and a negative net margin of 50.00%. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the prior year, the firm earned $3.12 EPS. The firm’s revenue was up 25.6% compared to the same quarter last year. As a group, analysts predict that Sinclair Broadcast Group, Inc. will post -3.9 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Wednesday, September 1st were paid a $0.20 dividend. The ex-dividend date was Tuesday, August 31st. This represents a $0.80 dividend on an annualized basis and a yield of 2.90%. Sinclair Broadcast Group’s dividend payout ratio is currently 10.20%.

In related news, Director Lawrence E. Mccanna sold 3,274 shares of Sinclair Broadcast Group stock in a transaction that occurred on Thursday, August 12th. The shares were sold at an average price of $30.17, for a total value of $98,776.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 37.70% of the stock is owned by insiders.

Sinclair Broadcast Group Company Profile

Sinclair Broadcast Group, Inc is a media company, which engages in the provision of local sports and news. It operates through the following segments: Broadcast, Local Sports, and Others. The Broadcast segment consists of television stations which offers programming and operating services, and sales and other non-programming operating services.

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

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