Prudential Financial Inc. raised its stake in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 436.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,154,448 shares of the company’s stock after acquiring an additional 939,289 shares during the quarter. Prudential Financial Inc. owned approximately 1.12% of Sinclair Broadcast Group worth $37,001,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OppenheimerFunds Inc. acquired a new stake in Sinclair Broadcast Group during the first quarter worth about $437,000. Teachers Advisors LLC boosted its position in shares of Sinclair Broadcast Group by 11.5% in the first quarter. Teachers Advisors LLC now owns 147,987 shares of the company’s stock worth $5,993,000 after buying an additional 15,204 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Sinclair Broadcast Group by 9.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,230 shares of the company’s stock worth $131,000 after buying an additional 278 shares during the period. Legal & General Group Plc boosted its position in shares of Sinclair Broadcast Group by 26.4% in the first quarter. Legal & General Group Plc now owns 28,002 shares of the company’s stock worth $1,135,000 after buying an additional 5,845 shares during the period. Finally, New York State Teachers Retirement System purchased a new stake in shares of Sinclair Broadcast Group in the first quarter worth about $235,000. 83.93% of the stock is owned by institutional investors.

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In other Sinclair Broadcast Group news, Director Howard E. Friedman sold 1,010 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $31.98, for a total transaction of $32,299.80. Following the completion of the transaction, the director now directly owns 10,990 shares of the company’s stock, valued at approximately $351,460.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 28.20% of the company’s stock.

Shares of Sinclair Broadcast Group, Inc. (NASDAQ SBGI) opened at $31.15 on Tuesday. Sinclair Broadcast Group, Inc. has a 1 year low of $26.70 and a 1 year high of $43.05. The company has a debt-to-equity ratio of 3.51, a current ratio of 1.74 and a quick ratio of 1.74. The company has a market capitalization of $3,228.98, a P/E ratio of 13.40, a P/E/G ratio of 7.94 and a beta of 1.92.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, November 1st. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.13). The firm had revenue of $670.90 million for the quarter, compared to the consensus estimate of $671.42 million. Sinclair Broadcast Group had a net margin of 9.06% and a return on equity of 23.27%. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 earnings per share. equities analysts anticipate that Sinclair Broadcast Group, Inc. will post 2 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Thursday, November 30th. Sinclair Broadcast Group’s payout ratio is currently 27.07%.

SBGI has been the subject of several analyst reports. B. Riley upped their target price on Sinclair Broadcast Group from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, November 2nd. FBR & Co assumed coverage on Sinclair Broadcast Group in a report on Tuesday, October 31st. They issued a “buy” rating and a $43.00 price target for the company. Deutsche Bank AG assumed coverage on Sinclair Broadcast Group in a report on Friday, October 20th. They set a “buy” rating and a $46.00 target price on the stock. Zacks Investment Research raised Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Wednesday, October 4th. Finally, ValuEngine raised Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $44.82.

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.

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

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