US Bancorp DE trimmed its position in shares of Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 36.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,301 shares of the company’s stock after selling 12,998 shares during the period. US Bancorp DE’s holdings in Sinclair Broadcast Group were worth $859,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Covington Capital Management bought a new stake in shares of Sinclair Broadcast Group during the 4th quarter worth about $33,000. Enlightenment Research LLC bought a new stake in shares of Sinclair Broadcast Group during the 4th quarter worth about $53,000. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in shares of Sinclair Broadcast Group during the 1st quarter worth about $97,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Sinclair Broadcast Group during the 4th quarter worth about $103,000. Finally, Quantamental Technologies LLC bought a new stake in shares of Sinclair Broadcast Group during the 1st quarter worth about $210,000. 65.00% of the stock is owned by institutional investors and hedge funds.
In other news, COO Steven M. Marks sold 3,000 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $53.78, for a total value of $161,340.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence E. Mccanna sold 2,000 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $53.16, for a total transaction of $106,320.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,250 shares of company stock worth $1,017,345. Corporate insiders own 29.24% of the company’s stock.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, May 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.16). Sinclair Broadcast Group had a return on equity of 20.45% and a net margin of 10.28%. The company had revenue of $722.10 million for the quarter, compared to the consensus estimate of $707.94 million. During the same period in the prior year, the company earned $0.42 earnings per share. The firm’s revenue was up 8.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Sinclair Broadcast Group Inc will post 2.76 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Friday, May 31st were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, May 30th. This represents a $0.80 annualized dividend and a yield of 1.47%. Sinclair Broadcast Group’s payout ratio is 23.88%.
Several analysts recently commented on the stock. Zacks Investment Research raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Saturday, April 13th. Wolfe Research raised shares of Sinclair Broadcast Group from an “underperform” rating to an “outperform” rating in a report on Wednesday, April 3rd. B. Riley boosted their price objective on shares of Sinclair Broadcast Group from $38.00 to $46.00 and gave the company a “neutral” rating in a report on Tuesday, April 30th. Benchmark boosted their price objective on shares of Sinclair Broadcast Group from $45.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Finally, Evercore ISI upgraded shares of Sinclair Broadcast Group from an “in-line” rating to an “outperform” rating and set a $61.00 target price for the company in a research report on Tuesday, May 7th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $48.67.
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, sales, and other non-programming operating 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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