Virginia Retirement Systems ET AL Decreases Holdings in Sinclair Broadcast Group Inc (SBGI)
Virginia Retirement Systems ET AL reduced its holdings in shares of Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 41.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,700 shares of the company’s stock after selling 28,700 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Sinclair Broadcast Group were worth $1,309,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of Sinclair Broadcast Group during the first quarter worth $151,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Sinclair Broadcast Group during the second quarter worth $157,000. Clinton Group Inc. acquired a new position in shares of Sinclair Broadcast Group during the first quarter worth $211,000. Silvant Capital Management LLC acquired a new position in shares of Sinclair Broadcast Group during the first quarter worth $221,000. Finally, GWM Advisors LLC acquired a new position in shares of Sinclair Broadcast Group during the first quarter worth $239,000. Institutional investors own 84.63% of the company’s stock.
A number of research analysts have recently commented on the stock. TheStreet cut shares of Sinclair Broadcast Group from a “b-” rating to a “c+” rating in a research report on Monday, August 6th. Stephens set a $35.00 target price on shares of Sinclair Broadcast Group and gave the stock a “buy” rating in a research report on Thursday, August 9th. ValuEngine raised shares of Sinclair Broadcast Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday. Benchmark reaffirmed a “buy” rating and issued a $52.00 price target on shares of Sinclair Broadcast Group in a report on Thursday, May 10th. Finally, Evercore ISI initiated coverage on shares of Sinclair Broadcast Group in a report on Tuesday, July 31st. They issued an “in-line” rating and a $34.00 price target on the stock. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $41.18.
Sinclair Broadcast Group (NASDAQ:SBGI) last posted its quarterly earnings results on Wednesday, August 8th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.25. The firm had revenue of $730.10 million for the quarter, compared to analysts’ expectations of $715.55 million. Sinclair Broadcast Group had a net margin of 19.47% and a return on equity of 19.12%. The firm’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.43 earnings per share. equities research analysts anticipate that Sinclair Broadcast Group Inc will post 2.75 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Friday, August 31st will be issued a $0.18 dividend. The ex-dividend date is Thursday, August 30th. This represents a $0.72 annualized dividend and a yield of 2.51%. Sinclair Broadcast Group’s dividend payout ratio is presently 25.71%.
In related news, Director Lawrence E. Mccanna sold 2,000 shares of the company’s stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $32.26, for a total value of $64,520.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 29.24% of the company’s stock.
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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