Algert Global LLC Has $2.01 Million Position in Sinclair Broadcast Group, Inc. (SBGI)

Algert Global LLC raised its position in shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 8.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 61,173 shares of the company’s stock after buying an additional 4,593 shares during the period. Algert Global LLC owned 0.06% of Sinclair Broadcast Group worth $2,013,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Kissinger Financial Services LLC raised its stake in Sinclair Broadcast Group by 0.5% in the second quarter. Kissinger Financial Services LLC now owns 8,742 shares of the company’s stock worth $287,000 after buying an additional 45 shares during the last quarter. Independent Portfolio Consultants Inc. raised its stake in Sinclair Broadcast Group by 2.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 2,575 shares of the company’s stock worth $104,000 after buying an additional 60 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in 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 last quarter. Stratos Wealth Partners LTD. raised its stake in Sinclair Broadcast Group by 2.9% in the first quarter. Stratos Wealth Partners LTD. now owns 10,552 shares of the company’s stock worth $427,000 after buying an additional 300 shares during the last quarter. Finally, UBS Group AG raised its stake in Sinclair Broadcast Group by 0.6% in the first quarter. UBS Group AG now owns 61,635 shares of the company’s stock worth $2,497,000 after buying an additional 381 shares during the last quarter. 76.91% of the stock is currently owned by institutional investors and hedge funds.

Shares of Sinclair Broadcast Group, Inc. (SBGI) traded down 0.17% on Friday, reaching $29.70. 1,240,512 shares of the company’s stock traded hands. The firm has a market capitalization of $3.05 billion, a P/E ratio of 10.41 and a beta of 1.79. The company’s 50-day moving average is $32.98 and its 200-day moving average is $36.06. Sinclair Broadcast Group, Inc. has a 52 week low of $24.15 and a 52 week high of $43.05.

Sinclair Broadcast Group (NASDAQ:SBGI) last released its earnings results on Wednesday, August 2nd. The company reported $0.43 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.43. The firm had revenue of $679.30 million during the quarter, compared to analysts’ expectations of $678.23 million. Sinclair Broadcast Group had a net margin of 9.70% and a return on equity of 32.06%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS. Equities research analysts anticipate that Sinclair Broadcast Group, Inc. will post $2.01 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Wednesday, August 30th. Sinclair Broadcast Group’s payout ratio is currently 24.83%.

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A number of equities research analysts recently weighed in on SBGI shares. Zacks Investment Research raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a report on Saturday, August 5th. Benchmark Co. raised their price target on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Royal Bank Of Canada reaffirmed a “buy” rating and set a $45.00 price target on shares of Sinclair Broadcast Group in a report on Wednesday, July 5th. Stephens set a $46.00 price target on shares of Sinclair Broadcast Group and gave the company a “buy” rating in a report on Saturday, June 3rd. Finally, ValuEngine raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Tuesday, May 16th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $43.50.

In related news, Director Lawrence E. Mccanna sold 2,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $34.75, for a total transaction of $69,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 28.20% of the stock is owned by corporate insiders.

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.