Sinclair Broadcast Group, Inc. (SBGI) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) from a hold rating to a buy rating in a research report released on Wednesday morning. The firm currently has $34.00 target price on the stock.
According to Zacks, “Sinclair Broadcast Group is a diversified broadcasting company that owns or provides programming services pursuant to local marketing agreements to more television stations than any other commercial broadcasting group in the United States. “
A number of other equities research analysts have also weighed in on SBGI. ValuEngine raised shares of Sinclair Broadcast Group from a hold rating to a buy rating in a research note on Monday. Wells Fargo & Company reaffirmed an outperform rating and set a $55.00 target price on shares of Sinclair Broadcast Group in a research note on Monday. Benchmark Co. lifted their target price on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a buy rating in a research note on Tuesday, August 1st. Finally, Royal Bank Of Canada reaffirmed a buy rating and set a $45.00 target price on shares of Sinclair Broadcast Group in a research note on Wednesday, July 5th. Eight equities research analysts have rated the stock with a buy rating, The company presently has an average rating of Buy and a consensus price target of $44.86.
Shares of Sinclair Broadcast Group (NASDAQ SBGI) traded down 0.31% during trading on Wednesday, hitting $32.25. 870,434 shares of the stock traded hands. Sinclair Broadcast Group has a 12 month low of $24.15 and a 12 month high of $43.05. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 11.31 and a beta of 1.83. The company has a 50 day moving average price of $29.63 and a 200 day moving average price of $34.06.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.43. The business had revenue of $679.30 million for the quarter, compared to analyst estimates of $678.23 million. Sinclair Broadcast Group had a net margin of 9.70% and a return on equity of 32.06%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS. Analysts anticipate that Sinclair Broadcast Group will post $2.01 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Wednesday, August 30th. Sinclair Broadcast Group’s payout ratio is currently 24.83%.
In related news, Director Howard E. Friedman sold 1,010 shares of the business’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.98, for a total transaction of $32,299.80. Following the sale, the director now owns 10,990 shares of the company’s stock, valued at $351,460.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 28.20% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Alps Advisors Inc. boosted its stake in Sinclair Broadcast Group by 0.3% during the second quarter. Alps Advisors Inc. now owns 11,636 shares of the company’s stock worth $383,000 after acquiring an additional 30 shares in the last quarter. Kissinger Financial Services LLC boosted its stake in Sinclair Broadcast Group by 0.5% during the second quarter. Kissinger Financial Services LLC now owns 8,742 shares of the company’s stock worth $287,000 after acquiring an additional 45 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Sinclair Broadcast Group by 2.7% during the second quarter. Teacher Retirement System of Texas now owns 6,141 shares of the company’s stock worth $202,000 after acquiring an additional 164 shares in the last quarter. Amalgamated Bank boosted its stake in Sinclair Broadcast Group by 3.1% during the second quarter. Amalgamated Bank now owns 8,929 shares of the company’s stock worth $294,000 after acquiring an additional 269 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Sinclair Broadcast Group by 9.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,170 shares of the company’s stock worth $104,000 after acquiring an additional 273 shares in the last quarter. 80.87% of the stock is currently owned by institutional investors and hedge funds.
Sinclair Broadcast Group Company Profile
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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